India, China Bought 80% Of Russian Oil In May: IEA

NEW DELHI (IANS) – According to the International Energy Agency (IEA), India and China, the two major consumers of discounted Russian crude, accounted for 80 percent of Russia’s oil exports in May.

The IEA’s oil market report stated that India’s purchases increased significantly, from almost nothing to nearly 2 million barrels per day, while China raised its liftings by 500,000 barrels per day to 2.2 million barrels per day.

In May 2023, Russia exported an average of 3.87 million barrels per day of seaborne crude, the highest level since Russia’s invasion of Ukraine in February 2022.

The IEA highlighted that India and China combined represented almost 80 percent of Russian crude oil exports in May. Furthermore, Russia accounted for 45 percent of India’s crude imports and 20 percent of China’s crude imports.

The report also noted that India’s imports of Russian oil were 14 percent higher than in April, reaching a new record high for Russian crude flows into the country.

As European markets previously reliant on Russian crude imposed import bans and the G7 imposed shipping restrictions, more than 90 percent of Russia’s seaborne crude is now directed towards Asia, a significant increase from the pre-war levels of 34 percent.