In September, Russia reclaimed its position as the top oil supplier to both China and India. This development was highlighted in the latest OPEC+ newsletter, which tracks monthly shifts in global energy flows and supplier rankings. The update confirms that Russia supplied about 19 percent of China’s imports and roughly 36 percent of India’s oil, underscoring the country’s pivotal role in two of the world’s fastest-growing energy markets. Within China, Russia’s share continued to surpass that of Saudi Arabia and Malaysia, even as China’s overall oil imports declined by about 11 percent from August levels, settling at around 11.2 million barrels per day. (Source: OPEC+)
For India, Russia has maintained leadership in export volume for an entire year, with Iraq and Saudi Arabia occupying the second and third positions in the rankings. India’s total oil imports during September fell by about 4 percent compared with August, averaging approximately 4.3 million barrels per day. The pattern highlights a sustained shift in supplier dynamics within the Indian market, where Russia has established a reliable footprint alongside other traditional producers. (Source: OPEC+)
Earlier observations suggested that high oil prices would persist due to the alignment between Russia and Saudi Arabia. Bloomberg reported that coordinated supply restrictions from these producers could provide meaningful support to global energy prices. The agency noted that the combined efforts of the two countries might establish a price floor around $70 per barrel, which could help reduce the vulnerability of energy markets to geopolitical risks. (Source: Bloomberg)
Meanwhile, Brent crude price movements had shown a tendency to retreat below the $80 per barrel mark in prior sessions, a development that markets perceived as a moderating influence amid ongoing supply considerations. (Source: Market Coverage)