In February this year, the Russian Federation supplied 40% of India’s oil imports and 20% of China’s. This is specified report International Energy Agency (IEA).
It was noted that Russia provides more than 70 percent of its oil exports to these two countries.
In 2022, alternative markets had to be found to replace the EU and North America for 4.5 million barrels of Russian oil per day. Asian buyers, primarily India and to a lesser extent China, bought oil at a discount from Russia.
The report underlines that the increase in oil volumes shows that the share of China and India’s imports has become very large.
Also in the International Energy Agency (IEA) March 2023 report reported Decline in oil exports from Russia in February. According to the agency, 500,000 barrels per day fell due to the entry into force of the EU embargo.