China has hired at least 10 tanker ships to increase its Russian crude imports.
Unipec has increased its fleet five-fold as the country aims to import 1.1 million barrels of crude oil a day by sea.
Russian oil is currently discounted to other varieties. Russian Urals is currently priced at just $87 a barrel, which is less than the prices of both crudes.
Western sanctions have caused demand for Urals to fall. EU diplomats are still trying to push through a plan despite the objections of Hungary's prime minister, despite the US and UK banning Russian oil imports.
Beijing has taken advantage of the cheap oil to import Russian crude at a discount of up to $29 a barrel.
China consumes nearly 2 million barrels of Russian oil a day, thanks to the 800,000 barrels of Russian oil it gets via the pipeline. It accounts for 15% of global demand.
An energy expert says that rising oil prices are just a small part of what is to come. He breaks down the top 3 things investors need to know in order to play the market.
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