China is set to import record high volumes of Russian oil in March as it mops up cargoes shunned by India.
China is expected to import record-high oil volumes from Russia in March as the world’s top crude importer is mopping up cargoes shunned by India, Bloomberg reported on Monday, citing tanker-tracking data from Kpler. China is expected to welcome this month as much as 1.7 million barrels per day bpd of crude from Russia as refiners are on track to import record-high volumes of the Russian grade Sokol, from which India has been shying away recently.
The tougher enforcement of the G7 sanctions and related payment issues have been holding up Indian purchases of some cargoes of Russian crude oil, with tankers previously headed to India turning back eastwards, tanker-tracking data monitored by Bloomberg showed early this year. In recent weeks, signs have emerged that China is buying up Sokol cargoes that have been stranded for months without destination.
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