New record! China laps up discounted Russian crude as India reduces purchases; threat of US strikes on Iran adds to jitters

Even as US President Donald Trump wants the world to stop buying crude oil from Russia, China’s purchases of Russian crude are set to hit a new record in February. China’s procurement of Russian crude is expected to rise for a third consecutive month in February, reaching a fresh record as independent refiners increase buying of heavily discounted cargoes.

Shipments of Russian oil to China are projected at about 2.07 million barrels per day for February delivery. This is more than January’s estimated 1.7 million barrels per day, based on preliminary assessments by Vortexa Analytics.