Russia exported 80% of its crude oil to India, China in May

 Russia is one of the leading exporters of natural gas, crude oil and coal in the global market. Ever since the Russia-Ukraine war, Russia has offered huge discounts on crude oil. This comes as an opportunity for many Asian nations. India and China are among them.

As per the import export data reports globally, India and China accounted for over 80% of Russia's total crude oil exports in May 2023. That resulted in less imports of oil from African and Middle eastern countries.

According to the Russia import data reports, in May, Russia oil imports were estimated around 110 million barrels. In May 2023, Russia did over 62 million barrels of crude oil shipments to India. Whereas around 6 million tonnes of crude oil was shipped to China.

Our Russia export data suggests that India imported a record 66 million barrels of crude oil from Russia. While It was 49 million barrels crude oil was shipped to China. Whereas, India and China's crude oil imports from Dubai and Oman fell by 43% during May.

As per Russia customs data of March, Russia exported over 90% of its crude oil to India and China. Russia's crude oil exports to China recorded 1.7 million barrels per day while it was 1.1 million barrels per data during February. India, who was the leading importer of Russian crude oil, imported over 1.4 barrels per day in March while it was 68K barrels per day.

On the other hand, Russia's crude oil exports to European countries have fallen due to the sanctions imposed by the UN. The major buyers of Russia's crude oil are Norway, Switzerland, UK, Bulgaria, Turkey, Middle East and North African countries.

As per Russia import export data, Turkey imported over 243K bpd in February. While it was above 500K bpd last year. Asian countries alone cover over half of Russia's total oil exports. Last month, Russia's total fuel exports were 866K bpd to Asian countries.

Along with Asia, Russia's crude oil exports to Middle East countries, North Africa, and South America have increased significantly. During March 2023, Middle Eastern countries imported over 387 bpd. Whereas, North African countries have imported over 319K bpd in the last month. In March 2022, Latin American countries imported over 94K bpd while it reached an all time high of 134 bpd of oil products from Russia.

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