China Scoops Record Cheap Oil from Russia & Iran as India Cuts Back

China Scoops Record Cheap Oil from Russia & Iran as India Cuts Back

New Delhi, February 26, 2026
India slashed Russian oil imports ~40% from January (to ~600k bpd) for US trade deal, funneling discounted barrels to China—now top buyer. Storage strains Chinese refiners amid deepening discounts.

Discount Details

• Russia: Urals/ESPO ~$12/bbl below Brent (deepest in years; down $10 from last month). Feb 1-18: Daily imports +2M bbl (+20% YoY).

• Iran: Light crude ~$11/bbl discount, but cut 12% over US-Iran tensions risking supply.​

China’s Storage Crunch

Teapots (independent refiners) maxed capacity; ~25% refining slots filled. Turning to overseas facilities. Russia edges Iran on quality/price/safety amid strike fears.

Strategic shift boosts China energy security; India eyes pricier alternatives.

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