Russia Looks to Ramp Up Crude Flows to China Through 2033

Core Insights - Russia is looking to extend its crude oil export agreements with China, particularly a deal for exporting crude via Kazakhstan, potentially extending it by 10 years until 2033 [1] - Current exports include approximately 1.4 million barrels of crude oil by sea and 900,000 barrels daily via pipeline through Kazakhstan [2] - Russia's oil exports to China have been stable, with discussions earlier this year about increasing pipeline flows by 2.5 million barrels annually [2][3] - Maritime shipments appear to be a more feasible method for increasing exports to China, as pipeline flows remained flat in 2024 compared to the previous year [4] - Russia accounts for over 20% of China's total oil imports, with potential for expanding trade in other energy commodities like coal [5] - Oil and gas revenues for Russia are projected to drop significantly this month, with a 35% decrease year-on-year, amounting to approximately $6.63 billion [6]