As Saudi Arabia works to fulfill requests from other buyers in Asia, some Chinese oil refineries are set to receive less crude oil than they requested.
Japan, South Korea, Thailand, and India will get more than they were asked for, according to refinery officials.
As more buyers look to move away from Russian supplies, they have turned to Saudi Arabia for more oil. July supplies of Saudi oil were attractive for customers in Asia due to strong refining margins.
India has increased its purchases of Russian oil from zero to over one million barrels per day. Since the beginning of the war in Ukranian, China has bought more Russian crude. India and China didn't condemn Russia's actions.
The European Union agreed on a ban on Russian oil last month, and it will take effect by the end of the year. As Western nations distance themselves from Russian energy, President Putin vowed not to close oil wells.
Demand from Asian buyers has made up for the impact of sanctions on Russian exports. Russia slashed its interest rates for the fourth time in two months as oil sales have alleviated some of the pain from sanctions.
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