China Surpasses India as Largest Importer of Russian Crude

• China has surpassed India to become the leading importer of Russian crude oil through maritime routes, with China importing 1.82 million barrels per day (bpd) in March compared to India’s 1.36 million bpd. This shift is attributed to India's reduced imports due to sanctions and escalating prices.
• In March, China's seaborne imports of Russian crude reached 1.82 million bpd, surpassing India's 1.36 million bpd. This development signifies a notable change, with China emerging as the largest purchaser of Russian crude via maritime channels.
• India's primary import from Russia remains Urals sour-grade oil. However, India has diversified its sources by increasing imports from Iraq and decreasing imports from Saudi Arabia in March.
• India's heightened reliance on Russian crude is driven by geopolitical tensions, particularly following Russia's invasion of Ukraine in 2022. Prior to this conflict, Russia contributed only a small fraction to India's overall crude oil imports.

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Published date : 10 Apr 2024 05:04PM