China's imports of Russian oil are on track to hit a record high as Beijing doubles down on steep discounts
China's imports of seaborne Russian oil are on track to hit a record high in March as Beijing snaps up the commodity at huge discounts.
According to tanker tracking companies Vortexa and Kpler, an estimated 43 million barrels of Russian crude are set to be delivered to China this month,. That tops the previous high set in June 2020, when China snapped up 42.48 million barrels, according to the news outlet. China has been a top buyer of Russian oil since President Vladimir Putin invaded Ukraine last year. In February, Russia, delivering 1.66 million barrels a day.
With its ties with the West under strain, Moscow has emphasised a"no limits" strategic partnership with China. Russia is aiming to hitThe increased buying from Chinese refiners comes as the world's second-largest economy emerges from zero-COVID policies, stoking demand for energy. It's also been snapping up Russian crude in theAnalysts cited by Reuters said Russia's flagship crude Urals was trading at a $14-a-barrel discount to the global benchmark ICE Brent Crude.
The price of Russian oil could also rise as Moscow threatens to retaliate against price caps imposed by the West, by potentially
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