Russian Oil Tankers Pile Up Off China as India Curbs Purchases Amid Sanctions

• A fleet of Russian Urals oil tankers is accumulating off China's east coast, specifically in the Yellow Sea.
• At least five vessels carrying 3.4 million barrels are idling, double last week's volume and a five-year high for the region.
• The build-up follows India, the largest buyer, significantly curbing its Urals oil imports due to Western sanctions and US scrutiny.
• Chinese refiners typically prefer Russian crude from eastern terminals, making this accumulation of western-loaded Urals unusual.
• The situation, influenced by sanctions on Rosneft PJSC and Lukoil PJSC, suggests a potential shift in global oil trade routes.

Why It Matters: Russian Urals oil reroutes to China as India reduces imports, signaling a shift in global energy trade.