Rosneft reports record oil exports to Beijing despite falling net profit

In the first seven months of 2026, Russia shipped 490 million barrels of crude oil to China, according to Rosneft CEO Igor Sechin. This marked a record 23% share of total Chinese crude imports. Russian oil deliveries to China totaled 67 million metric tons from January through July 2026. Russia has consistently been the largest crude oil exporter to the People's Republic of China for four years straight, with annual supply volumes exceeding 100 million metric tons.

Russian Deputy Prime Minister Alexander Novak revealed that Russian oil exports to China increased by 25% over the same period. Seventy-four percent of Russian crude exports now head to friendly nations, according to Novak. However, Rosneft - Russia's largest state-controlled oil producer, which produces half of the nation's oil - ended the first half of the fiscal year with a declining net profit.

Factors such as disruptions in Middle Eastern oil supply due to ongoing military and political tensions, eased U.S. sanctions enforcement on Russian crude, and substantial budget subsidies did not significantly improve Rosneft's overall financial performance. Simultaneously, China's growing consumption of Russian crude is creating procurement challenges for Indian refineries, which have already hit their maximum capacity amidst Middle Eastern instability.

In 2025, Russia exported 7.1% fewer oil barrels to China than in 2024, amounting to 100.72 million metric tons. This resulted in $49.8 billion revenue for Moscow, a 20% drop in revenue compared to 2024.