China is set to ramp up imports of Russian oil in January, absorbing barrels that would have previously gone to India and Turkey, reports Reuters. This comes as tougher Western sanctions force Moscow to redirect flows, LSEG data and traders said.
China is due to receive nearly 1.5 million barrels per day (bpd) of Russian oil by sea this month, compared with 1.1 million bpd in December, according to preliminary LSEG data.
Beijing, already a key consumer of Russian Far East ESPO Blend, also boosted imports of Russian Urals oil to a record high of 405,000 bpd in January, the highest since mid-2023, data provided by energy consultancy Kpler showed.