India is snapping up cheap Russian oil, and China could be next

  • Since the beginning of March, five cargoes of Russian oil, or about 6 million barrels, have been loaded and are bound for India – set to be discharged in early April, said Matt Smith, lead oil analyst at Kpler.
  • “This is about half the entire volume discharged last year — a significant uptick,” he told CNBC.
  • If China also buys oil from Russia – also widely expected to be discounted – it could have some impact on crude prices, analysts said.
  • “Urals crude from Russia is being offered at record discounts,” the International Energy Agency said on March 17.

 

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