Asian nations are letting up on discounted Russian oil exports, with Bloomberg data showing a 13% decline over the past four weeks as Chinese and Indian demand ease, chipping away at Russian oil revenues. China and India account for purchases of 55% of Russia’s seaborne oil exports; however, Chinese demand over the past four weeks has dropped by 52,000 barrels per day, while Indian demand has eased by 18%, according to Bloomberg. Reuters also reports that Chinese state-run Sinopec–the biggest refiner in Asia–reduced purchases of discounted Russian ESPO crude oil this month after refusing to outbid Indian buyers. Citing trading sources, Reuters said Sinpoec’s move was purely mathematical and not geopolitical. In May and June , Sinopec bought some 20 million barrels of Russian ESPO crude, but is expected to purchase less for July because it was outbid by Indian refiners. According to the report, Sinopec bid for Russian […]