Agency Bloomberg China has reported a notable uptick in oil purchases from Russia, based on analysis from Energy Aspects, a respected energy forecasting firm. The data suggest that state-owned giants in China are expanding their imports of Urals crude, with several large tankers already operated by PetroChina and other state players in transit or awaiting delivery. The broader take is that Chinese procurement strategies are shifting to secure more Russian crude, and public disclosures imply that this trend could continue in the months ahead as buyers evaluate shipping schedules, refinery demands, and government policies that affect energy flows.
Energy Aspects highlights that the surge in Urals purchases may signal Beijing’s willingness to receive more Russian oil that could also be destined for European markets. The research notes that Chinese oil majors are diversifying their supply sources while maintaining strong ties with supplier regions, balancing domestic refiners’ needs with international market dynamics. In practical terms, this means the shipments could help stabilize Chinese refinery runs, while adding to a complex web of global energy movements influenced by sanctions, currency considerations, and fleet availability among major oil exporters.
Analysts estimate that China’s imports from Russia could rise significantly this year, potentially reaching around 2.2 million barrels per day, with room for further gains if Urals volumes continue to grow. Some scenarios even allow for a modest uptick to about 2.5 million barrels per day should shipments rise, underscoring how sensitive the market remains to geopolitical signals and logistical factors such as freight rates, port capacity, and refinery intake. The forecast reflects a calculated bet by Chinese buyers on the reliability and pricing of Urals crude within a shifting global supply panorama.
Looking back, industry data through late 2022 show a strong energy relationship between Moscow and Madrid, as Spain’s purchases of Russian gas in the year rose markedly from the previous period. The broader energy import picture for Europe continues to evolve under evolving supply contracts and energy strategies, illustrating how regional demand, storage considerations, and policy choices interact with outside suppliers. While China’s recent behavior points to greater Russian oil intake, the overall pattern remains part of a wider tapestry of international energy trade that connects ports, pipelines, and refineries across continents, responding to price signals, demand cycles, and geopolitical developments.