In September, Russia regained its leadership in oil exports to China and India. This was reported in September newsletter OPEC+
Russia became China and India’s largest oil supplier again in September, according to OPEC. Our country exported 19 percent of its oil to China and 36 percent to India. The share of Russian supply in China is ahead of Saudi Arabia and Malaysia. China’s total oil imports decreased by 11% compared to August, reaching 11.2 million barrels per day.
In India, Russia has been the leader in export volume for a year. Iraq and Saudi Arabia rank second and third. India’s oil imports decreased by 4% compared to August, falling to 4.3 million barrels per day.
Before this, it was known that high oil prices would continue thanks to the alliance between Russia and Saudi Arabia. According to Bloomberg, collective restrictions on the supply of crude oil to world markets provide serious support to world energy prices. According to the agency, the countries’ joint efforts create a price floor of $70 per barrel, making them less vulnerable to geopolitical risks.
Previously the price of Brent oil fallen Below $80 per barrel.