China Sets Record Oil Purchases from Brazil Amid Middle East Conflict

In March 2026, China recorded its highest ever oil purchases from Brazil, importing an impressive 1.6 million barrels of crude oil per day. This surge in imports coincided with escalating tensions in the Middle East, which resulted in the closure of the Strait of Hormuz, a crucial route for global oil supplies.

According to data provided by Reuters, the previous record for oil imports from Brazil to China stood at approximately 1.46 million barrels per day, a figure reached in May 2020. The record purchases by China have significantly impacted the overall volume of Brazilian oil exports, which reached 2.5 million barrels per day across all markets in March.

This figure marks the second-highest level in history, surpassed only by the exports recorded in March 2023. Notably, the total volume of crude oil exports from Brazil increased by 12.4% compared to February 2026. Bruno Cordeiro, an analyst at consulting firm StoneX, commented on the situation, stating, "The increase in exports was anticipated, as the closure of the Strait of Hormuz prompted importing countries to intensively seek supplies from alternative sources."

In addition to China, India emerged as the second-largest destination for Brazilian oil exports in March. The Indian market has been actively seeking new supplies following the closure of the Strait of Hormuz, which prior to the onset of the conflict accounted for approximately 20% of global crude oil flows. This trend indicates that countries that previously relied on traditional suppliers are now compelled to explore new sources to meet their oil needs.

Simultaneously, in March 2026, Russia began redirecting oil originally intended for China to India. This shift occurred amid a sharp increase in demand from major Indian refineries. Prices for the key Russian Urals crude oil grade supplied to India reached record highs after the United States expanded its license allowing countries to purchase Russian crude oil.

According to Bloomberg, in March, Russian oil supplies to India rebounded to 1.9 million barrels per day, marking the highest level since June 2025. Meanwhile, the volume of Russian oil supplied to China decreased to a similar level, down from a record 2.1 million barrels per day in February 2026. These changes highlight how global market conditions can rapidly shift in response to geopolitical events, such as conflicts in the Middle East.