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China’s Russian oil imports hit a record 2.07 million bpd in Feb 2026, driven by discounts and shifting global supply dynamics.
China's imports of Russian crude oil are set to hit a record 2.07 million barrels per day in February 2026, up from 1.7 million in January, driven by independent Chinese refiners buying discounted Russian oil.
India’s purchases dropped to about 1.16 million bpd, its lowest in two years, due to Western pressure, boosting Russian crude’s appeal.
Russian Urals and ESPO blends traded at $8 to $11 below Brent, making them more attractive than Iranian oil, which saw shipments to China fall to 1.03 million bpd as rebranded shipments declined.
Concerns over potential U.S. military action against Iran have increased demand for more reliable Russian supplies.
Las importaciones de petróleo ruso de China alcanzaron un récord de 2,07 millones de bpd en febrero de 2026, impulsadas por descuentos y cambios en la dinámica de la oferta global.