Russia Redirects Oil Exports to China Amid Indian Market Pullback
Russia is redirecting its oil exports to China as Indian refiners pause their purchases of Russian crude. This shift comes after a trade agreement between the U.S. and India, which includes reduced U.S. tariffs on Indian goods contingent upon India decreasing its Russian oil imports. As a result, tankers carrying up to 12 million barrels of Russian crude are currently en route or stationed near China, awaiting buyers. The data, provided by intelligence firm Kpler, indicates that several of these tankers are marked 'for orders,' meaning they have no designated buyer or destination. To attract Chinese refiners, Russian oil is being offered at significant discounts. The ESPO blend from Russia's Kozmino port is now priced at nearly $9 per barrel below the ICE Brent benchmark, a wider discount than in previous months. Similarly, the Urals crude grade, primarily shipped to India from Russia's Baltic Sea port, is being offered at a $12 per barrel discount. 
