China's crude oil imports from top supplier Russia were up 1% in 2024 to a record high versus 2023, while purchases from Saudi Arabia dropped 9%, data showed on Monday, as refiners chased discounted Russian supplies to cope with weakened margins.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

China's surplus crude oil eased slightly in December, but the excess surged in 2024 to more than 1 million barrels per day (bpd) as refiners gobbled up cheaper Russian cargoes.

The price for shipping Russian ESPO crude oil to China has more than tripled following the recent US sanctions on Moscow's oil industry, Bloomberg reported. Traders expect these rates to rise even further.

Oil prices edged higher on Friday and were headed for a weekly gain on supply concerns, as the US imposes new sanctions on Russia’s energy industry amid the war with Ukraine. Brent, the benchmark for two thirds of the world’s oil,

By Clyde Russell LAUNCESTON, Australia (Reuters) -"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.