Russia’s Arctic Oil Route to China Surpasses 10 Million Barrels With Beijing Seeking Alternative Supplies
Russia shipped over 10 million barrels of oil via the Northern Sea Route this year. China is preparing a second import terminal to handle LNG cargoes from Russia's sanctioned Arctic LNG 2 project. PetroChina and Indian Oil Corp failed to secure very large crude carriers to lift Iraqi Basrah crude in late June.
Why it matters: This relates to energy security and supply diversification, as China seeks alternative supplies amid sanctions and shipping constraints.