India cuts Russian oil, Russia favors China with cheap crude

• India reduced Russian oil imports due to a US trade deal, shifting towards US and Venezuela.
• Russia now offers significant discounts to China, compensating for lost Indian sales.
• China's Russian crude oil imports hit a record 1.7 million barrels per day in January.
• India's Russian oil purchases dropped to 1.1 million barrels per day in January, lowest since Nov 2022.
• Experts believe India will continue to buy some Russian oil, but China is now Russia's primary buyer.