Russia expands Chinese oil shipments – Bloomberg

(RT) ⸻ China has increased its purchases of Russian oil in January, surpassing the previous record set in April 2020. Kpler data showed that China bought the entire monthly loading of Russian ESPO grade oil, as well as Arctic grades and flagship Urals grade oil. China has been competing with India as the biggest buyer of Russian crude after the conflict in Ukraine and Western sanctions forced Moscow to look for new buyers. The main allure of Russian oil is its relatively low price, with Urals grade averaging $49.48 per barrel in January, compared to $82 per barrel for Brent. Russia's overall oil exports in January averaged 8.2 million barrels per day, an increase on the previous month. China is ramping up purchases just as the country is gradually reviving its economy following the lifting of Covid-19 restrictions late last year. The International Energy Agency (IEA) expects Chinese consumption to be the main driver in the growth of global oil demand this year.