India surpassed China as the largest buyer of Russian oil last month, Reuters reported Thursday, citing import data from both countries.
Russian crude exports to India in July reached a record 2.07 million barrels per day (bpd) compared with 1.76 million bpd to China, the news agency said.
India imported 12% more Russian crude than last year, while the world’s largest crude oil importer China imported 7.4% less over the same period. China’s drop was attributed to weakening processing margins among refineries and low demand for fuel.
Both countries have benefited from discounted Russian oil after the West partially embargoed Russian oil and G7 countries imposed a price cap of $60 per barrel in response to the 2022 invasion of Ukraine.
Meanwhile, Russia’s oil and gas revenues have surged in a sign of Moscow’s ability to circumvent Western sanctions.
“India’s requirement for Russian oil is going to go up as long as there are no further tightening of sanctions,” an unnamed industry insider from India was quoted as saying by Reuters.
Russian crude also reached a record 44% of India’s total oil imports in July, the news agency said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.
Once
Monthly
Annual
Continue
Not ready to support today?
Remind me later.
×
Remind me next month
Thank you! Your reminder is set.