India, China turn saviours for Russia amid Western sanctions; turns major consumer of discounted crude oil
The International Energy Agency (IEA) said on Friday that India and China, which are the two major consumers of discounted Russian crude, bought 80 percent of oil exported by Russia in May.
Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022.
“India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day,” the IEA said in its oil market report.
“In May 2023, India and China accounted for almost 80 percent of Russian crude oil exports,” IEA said, adding that in turn, Russia made up 45 percent and 20 percent of crude imports in India and China, respectively.
The report said that India’s imports of Russian oil were 14 percent higher than in April and a fresh record high for Russian crude flows into the country.
With Russia’s formerly main crude export markets in Europe banning import and G7 imposing shipping restrictions, more than 90 percent of Russian seaborne crude is now headed to Asia, up from pre-war levels of 34 percent.
[With Inputs from IANS]
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