Why Chinese Refiners Are Importing Less Russian Crude

The anticipated shift of Russian crude oil flows, skewing toward Asia, is well underway ahead of the December 5 oil embargo, according to Bloomberg. Before Russia’s invasion of Ukraine, less than 40% of Russia’s crude oil made its way toward the prized Asian market. But today, nearly 70% of Russia’s oil is destined for Asia—with China and India making the top buyers list. Total crude oil from Russia fell to a three-week low of 2.9 million bpd for the week ending November 11. But Russian crude oil headed to China, India,…