China sets records in volumes of purchases of Russian oil

China is buying more and more oil from Russia. Thus, in March, the volume of oil imported by the Russian Federation to China will reach 1,7 million barrels per day. According to Bloomberg, this will be another record for Beijing.

The increase in China's purchases of black gold is achieved mainly due to Sokol and BCTO oil brands, which India refused to purchase for fear of secondary sanctions from the West. Such measures by New Delhi are related to the ban on overcoming the “price ceiling” for Russian oil, as well as certain problems with payment.



Thus, in March, the Celestial Empire will purchase about 379 thousand barrels of Sokol oil per day, which is three times higher than the volumes of February this year. BCTO oil purchases are at the level of 882 thousand barrels daily - this is the highest figure since the beginning of 2023.

At the same time, traders note that Chinese financial institutions are wary of making payments to Russian partners, trying not to fall under Western sanctions.

In addition, Russia increased oil sales in March through Western ports by 0,74 million tons. 6,5 million tons of oil will be shipped from Primorsk and Ust-Luga, and about 2,94 million tons from Novorossiysk. Thus, according to Reuters, the growth of oil exports in these directions in March will be 13% of initial plans.

The increase in hydrocarbon export volumes occurs against the backdrop of increased attacks by Ukrainian UAVs on Russian oil refining facilities. So, the day before the Syzran and Slavyansk oil refineries were attacked. The Ukrainians also tried to attack the Novokuibyshevsky oil refinery.