In an effort to avoid Western sanctions on Moscow, Vladimir Putin this month ramped up Russian crude and fuel oil supplies to China to an all-time high by offering discounted prices.
After a year of steady decline, oil exports from Russia reached their highest level since the invasion of Ukraine. According to Kpler, a provider of data information, it broke a previous record set in April of 2020.
As a result of a dwindling customer base, Moscow has driven to price cuts—a strategy that has been met with favor by Asian purchasers looking to curb inflation.
According to Kpler data as of February 20th, the total volume of Russian crude and fuel oil exports to China has topped 1.66 million barrels per day.
War in Ukraine has shifted the global energy trade landscape, with China now competing with India to be the largest consumer of Russian crude.