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China Imports Russian Oil at Record Pace in Jan

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Russian crude and fuel oil exports to China reached a record high last month according to Kpler as its economy resurfaces from lockdowns.

  • Russia’s overall crude and fuel oil exports to China reached 1.66 million barrels a day last month, according to Kpler, surpassing the record pace of April 2020.
  • The buying spree is understood to be underpinned by private refiners, but state refiners are showing more interest in Russian volumes too.
  • China has dominated buying of ESPO crude, buying the entire monthly loading schedule in January. It ships from Russia’s eastern ports and is much quicker to import into the Chinese market than some of the other grades.


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Russian crude and fuel oil exports to China reached a record high last month according to Kpler as its economy resurfaces from lockdowns.

  • Russia’s overall crude and fuel oil exports to China reached 1.66 million barrels a day last month, according to Kpler, surpassing the record pace of April 2020.
  • The buying spree is understood to be underpinned by private refiners, but state refiners are showing more interest in Russian volumes too.
  • China has dominated buying of ESPO crude, buying the entire monthly loading schedule in January. It ships from Russia’s eastern ports and is much quicker to import into the Chinese market than some of the other grades.