According to Reuters, the increase in China's purchases of Russian oil complicates India's ability to secure necessary volumes amid ongoing supply disruptions that are already putting pressure on the Asian oil market.
Kpler estimates that in August, China's maritime imports of Russian oil amounted to about 1.25 million barrels per day, down from 1.423 million barrels in July. Reuters notes that July and August have been the months with the highest maritime import figures for Russian oil into China since April.
Typically, China receives most of its Russian oil from eastern ports in the form of ESPO-type oil, while India is heavily reliant on Urals-type oil exported from Russia's European ports. However, in August, the share of supplies from these European ports to China, according to Kpler, increased to 31%.
Reuters estimates that in August, imports from Russia's European ports to India amounted to 1.82 million barrels per day, nearly 30% or about 770,000 barrels less. India's total oil imports have decreased to 4.17 million barrels per day, down from 5.06 million barrels in July, marking the lowest level since the start of the conflict with Iran.
Reuters notes that India is struggling to find sufficient volumes to replace Russian supplies. If the raw material shortage begins to limit the operations of Indian oil refineries starting in September, it could reduce diesel and gasoline exports and further exacerbate the supply crisis in Asia.
