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China’s Russian oil imports spike in early 2026, but Iran war changes outlook

China’s imports of discounted Russian crude oil surged in January and February, though analysts suggest volumes could moderate in the coming months as the war in Iran increases global competition for Russian oil. In the first two months of the year, Russia’s shipments of crude to China rose 40.9 per cent year on year to 21.8 million tonnes, according to Chinese customs data released on Friday. But the total import value rose just 5.8 per cent in US dollar terms. “China has been an opportunistic...

Mar 20, 2026 &03002020202631; 13:00 UTC www.scmp.com Trending 5/5

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Positive for markets

Sentiment score: +45/100

Low impact Short-term (days)

WHAT THIS MEANS

Rule-based L2: BULLISH signal from SCMP Business

AI CONFIDENCE

60% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

↑

Oil (WTI Crude)

CL=FCommodity

Expected to rise

China’s Russian oil imports spike in early 2026, but Iran war changes outlook

PRICE HISTORY

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⚡ SUGGESTED ACTION

Automated signal: BULLISH on primary asset

Analysis generated on Mar 21, 2026 at 15:37 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by SCMP Business. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

China’s Russian oil imports spike in early 2026, but Iran war changes outlook

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