In January-May 2023, Russia’s oil exports to India increased 11 times compared to the same period of the previous year, reaching 36.9 million tons. vedomosti With reference to data from the Ministry of Industry and Trade of India.
In five months, Russia delivered more oil (36.8 million tons) to India than in the whole of 2022 (33.4 million tons). Thus, Russia maintains its status as India’s largest oil supplier, ahead of Iraq (21.4 million tons) and Saudi Arabia (17.5 million tons).
The newspaper states that the rapid increase in Russian oil imports took place on the backdrop of unprecedented sanctions from the West. After the start of special operations in Ukraine, the EU, the UK and the USA banned the purchase of Russian oil and set a ceiling price of 60 dollars per barrel.
As a result, Russian oil companies diverted their export flows from Europe to the Asian market. The main buyers were China and India, which did not participate in the sanctions.
However, in recent months, the volume of Russian oil supplies to India has been declining against the background of a general decline in exports from the Russian Federation. Experts noted that this is due to agreements on voluntary limitation of production within the framework of OPEC +.
There is also a tendency to lower the discount on Russian oil. Publication reports, citing industry experts, were down from $19 a barrel at the beginning of 2023 to $5.9 a barrel in August.
In early August, the OPEC+ Monitoring Committee it happened Change oil production quotas.
Previously recognizedhow long oil will remain as the main source of world energy.