At the same time, India has reduced its imports to approximately 1.2 million barrels per day, which is 40% lower than the records set in June 2025.
The increase in supplies encompasses all key grades of Russian oil, particularly with a rise in the number of tankers carrying Urals oil dispatched from Baltic and Black Sea ports, as well as Arctic supplies. Significant discounts on oil have also contributed to this process: the price of Urals delivered to China reached a discount of up to $12 per barrel compared to Brent prices.
Senior analyst at Sparta Commodities, Jun Go, noted: "China is currently experiencing a strong incentive to ramp up purchases of Russian oil, becoming the buyer of last resort for oil 'ballast'.
However, as highlighted in the report, the change in delivery routes is associated with certain logistical challenges. The distance from Baltic ports to China's Shandong province is about 23,300 km, while to the Indian port of Jamnagar it is only 14,200 km. Due to the increased distance of the routes and delays of tankers, which may be idling off the coast of Oman, in the Suez Gulf, and near Singapore, the volume of oil "on the water" has risen to 140 million barrels, which is more than 60% higher than the level at the end of August 2025.
As Bloomberg points out, the shift in flows began in August 2025 when India started to reduce its purchase volumes under pressure from the United States. In response, Russia offered Urals oil to Chinese buyers at reduced prices, which attracted both private companies and state-owned refineries, despite their previous preference for ESPO oil from the Far East.
