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India and China Pull Record Russian Crude Volumes in May

OIL

Russian crude imports by China and India hit a record high in May as the major consumers bulked up on discounted supplies.

  • The two nations imported about 110 million barrels in May, data from Vortexa and Kpler showed, up nearly 10% from the prior month.
  • Arrivals of Russian shipments into India reached a record high of 8.6 million tonnes (62.8 million barrels) while China received 6 million tonnes - steady versus April, according to Vortexa.
  • Kpler showed India's imports of Russian oil hitting a record high of 66.7 million barrels and China's rising to 49.2 million barrels.
  • Relationships between Middle Eastern nations and Russia ahead of this weeks OPEC+ meeting are being drawn into question as Russia takes market share in Asia and appears to have not yet met voluntary production targets.
Energy BulletsCommodities
Energy BulletsCommodities

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