India, China bought 80% of Russia's oil in May: International Energy Agency
The Hindu
India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings to 2.2 million barrels per day. With Europe banning import and G7 imposing shipping restrictions on Russian oil, more than 90% of the product is now headed to Asia, with India’s imports of Russian oil being 14% higher than in April
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
"Heavily discounted Russian crude oil has found new buyers primarily in Asia. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 5,00,000 barrels per day to 2.2 million barrels per day," the Paris-based energy agency said in its latest Oil Market Report.
Also Read | China, India receive record Russian crude oil in May: data
Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022.
“In May 2023, India and China accounted for almost 80% of Russian crude oil exports,” IEA said. “In turn, Russia made up 45% and 20% of crude imports in India and China, respectively.”
Also Read | Eye on oil: on oil prices and India
With Russia's formerly main crude export markets in Europe banning import and G7 imposing shipping restrictions, more than 90% of Russian seaborne crude is now headed to Asia, up from pre-war levels of 34%. India's imports of Russian oil were 14% higher than in April and a fresh record high for Russian crude flows into the country.