Saturday, March 29, 2025
China Scoops Record Cheap Oil from Russia & Iran as India Cuts Back
New Delhi, February 26, 2026
India slashed Russian oil imports ~40% from January (to ~600k bpd) for US trade deal, funneling discounted barrels to China—now top buyer. Storage strains Chinese refiners amid deepening discounts.
Russia: Urals/ESPO ~$12/bbl below Brent (deepest in years; down $10 from last month). Feb 1-18: Daily imports +2M bbl (+20% YoY).
Iran: Light crude ~$11/bbl discount, but cut 12% over US-Iran tensions risking supply.
Teapots (independent refiners) maxed capacity; ~25% refining slots filled. Turning to overseas facilities. Russia edges Iran on quality/price/safety amid strike fears.
Strategic shift boosts China energy security; India eyes pricier alternatives.
