India Reduces Russian Oil Imports as China Increases Urals Crude Purchases

India has significantly reduced its imports of Russian Urals crude oil due to increased Western sanctions and pressure ahead of the EU's ban on fuels derived from Russian crude. This retreat has allowed China to increase its intake of discounted Urals crude, reaching about 405,000 barrels per day in January—the highest since June 2023. Overall, China's seaborne imports of Russian crude are nearing 1.4 million barrels per day, providing a buffer amid shifts in global oil supply dynamics.