On January 10, 2025, oil refiners in India and China have escalated their crude purchases from the Middle East and other regions. This increase is driven by apprehensions that impending restrictions on imports from Russia and Iran could limit access to essential supplies.
Indian state refiners reportedly acquired up to 6 million barrels of Oman and Abu Dhabi's Murban crude for prompt loading in February. Traders have linked these purchases to a shortfall of Russian spot cargoes.
In China, state-owned Unipec and private refiners in Shandong have also raised their imports of Angolan crude. Additionally, a local processor has secured prompt supplies of oil from Abu Dhabi.