Home News Russia supplies India and China with record quantities of crude oil

Russia supplies India and China with record quantities of crude oil

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Between 74 and 79 million barrels of crude oil from Russia (a member of the OPEC + group, composed of the Organization of the Petroleum Exporting States and other major producers) were in transit and floating deposits last week, more than double the level of 27 million barrels of crude oil in February, before the invasion of Ukraine, according to Kpler analysts. They claim that Asia surpassed Europe, being the largest buyer for the first time last month, and the gap will deepen in May, according to Agerpres.

The data show how the war in Ukraine has altered global energy trade, with Britain, the US and many EU companies refusing to buy Russian crude oil, forcing Moscow to look for buyers in Asia. India and China have imported millions of barrels of crude oil from Russia, taking advantage of the high discounts.

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“Some interested buyers in Asia are more economically motivated than a political position. The United States is closely monitoring India’s purchases of Russian crude oil, so this flow could be risky,” said Jane Xie of Kpler.

The combined quantities of Russian crude oil that reached the main buyers in Asia – India and China – reached a record level in April, especially following the increase in purchases in India, according to Xie.

Oil companies thus make longer trips from Russian ports to Asia, instead of going to Europe, usually a trip to China takes about two months.

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On May 26, about 64.3 million barrels of crude oil were shipped from Russia, up from 24.7 million barrels of crude oil at the end of February, according to Kpler.

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