Russian oil supply rises to 21.7 million barrels, China remains largest buyer

30 million barrels of Russian oil have arrived at Indian coasts after the United States granted a waiver.

Russian oil supply increased last week, reaching 21.7 million barrels, according to a report by a US agency.

China accounted for the largest increase, importing 12.4 million barrels, up sharply from its 10.3 million barrels the previous week. India drew 8.6 million barrels, up by 200,000 barrels to hit a three-week high.

India’s purchases also increased, rising by 200,000 barrels to reach 8.6 million barrels, the US agency said.

Meanwhile, deliveries of Russian oil to ports in Turkey were recorded at 700,000 barrels.

According to the report, 30 million barrels of Russian oil have arrived at Indian coasts after the United States granted a waiver.

The US agency also stated that India is expected to receive another 5 million barrels of Russian oil next week.

In China, meanwhile, higher import volumes follow a pattern of significant stock building that occurred in the past year, amounting to an 111 million barrel stock injection, the IEA estimates.

In the week to March 10, the Chinese ports of Zhoushan and Yangpu drew Russian oil for the first time in months, while Dongjiakou and Longkou both in the Shandong province remained key buyers.

CAS data showed at least 11 million barrels of Russian crude expected to discharge into India, China and Turkey in the week ending March 17. Of that volume, 5 million barrels are expected to land in India, followed by 4.5 million barrels for China and 1.5 million for Turkey.