China Is Squeezing India Out of Russia’s Oil Trade

AI Summary

China is increasing its purchase of Russian oil, replacing Iranian barrels lost due to Middle East conflicts and U.S. blockades. This shift is squeezing India out of Russia's oil trade as Chinese imports of Russian crude reach significant levels in the summer months according to Kpler data.

China is buying more Russian oil to replace missing Iranian barrels. The problem for India is that some of those Russian barrels used to be its barrels. China’s seaborne imports of Russian crude are estimated at 1.25 million barrels per day in August, according to Kpler data, cited by Reuters. That is down from 1.423 million bpd in July, but July and August are still China’s strongest months for Russian seaborne crude since April. The shift comes as Chinese imports of Iranian oil remain crushed by the Middle East war and U.S. blockade.…