China's Russian Oil Imports Soar to Record High as India Cuts Back

• China's Russian oil imports are projected to reach a new record high in February, climbing for the third consecutive month.
• Independent Chinese refiners increased purchases of deeply discounted Russian crude after India significantly reduced its imports.
• Estimated February deliveries to China are around 2.07-2.083 million barrels per day, surpassing January's 1.7 million bpd.
• India's Russian crude imports are expected to fall to a two-year low in December and further to 1.159 million bpd in February.
• Concerns over potential US strikes on Iran have made Russian oil a more reliable option for Chinese 'teapots' compared to Iranian supplies.