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flag China’s Russian oil imports hit a record 2.07 million bpd in Feb 2026, driven by discounts and shifting global supply dynamics.

flag 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. flag India’s purchases dropped to about 1.16 million bpd, its lowest in two years, due to Western pressure, boosting Russian crude’s appeal. flag 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. flag Concerns over potential U.S. military action against Iran have increased demand for more reliable Russian supplies.

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