Russia may lose buyers of its oil

Experts note that Urals deliveries arriving in October are being advertised to buyers at lower prices than before.

Despite the fact that China is the No. 1 buyer of Russian oil, which arrives by sea and land, Chinese refineries, in most cases, purchase the ESPO grade, which is produced and loaded from the eastern part of the Russian Federation.

Urals imports, shipped from ports in the west, are usually not part of the usual demand of Chinese processors due to geographical distance and high transportation costs.

Recently, US leader Donald Trump announced a doubling of tariffs on all Indian imports as punishment for purchasing Russian oil.

It was after this decision that India's state-owned refineries refused to make purchases and are also actively looking for alternative supplies, freeing up volumes that could end up in China.

Despite this, while China is seen as a potential alternative market for Urals, it remains unclear whether Beijing will compensate for the loss of Indian demand amid trade tensions with Washington.