Interesting:

The sagging Chinese demand has dropped the economy’s revenues:

But they also write:

Chinese refineries replaced Russian oil with barrels from the Middle East,

In addition, imports from Malaysia, which is the main hub for oil transit from the sub-sanctioned countries of Iran and Venezuela, soared 61%

So it seems it is not lacking Chinese demand, but probably Russia that can’t keep supplies up. China is buying Russian oil super cheap, so why would they replace that with other sources?

If true, this is a clear indication that Russian production is failing, probably because Ukraine is bombing refineries and depots, and Russia can’t maintain their production, because they were dependent on western expertise, and Russia infra structure in general is hurt by worker shortages.

Russia is slowly collapsing under the burden of the war, which was clearly too big a bite for their economy to chew.