India, China bought 80 per cent of Russia's oil in May: IEA

The International Energy Agency (IEA) said that India and China, which are the two major consumers of discounted Russian crude, have bought 80 per cent of oil exported by Russia in May. "India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day," the IEA said in its oil market report.

Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022. "In May 2023, India and China accounted for almost 80 per cent of Russian crude oil exports," IEA said, adding that in turn, Russia made up 45 per cent and 20 per cent of crude imports in India and China, respectively.

The report said that India's imports of Russian oil were 14 per cent higher than in April and a fresh record high for Russian crude flows into the country. With Russia's formerly main crude export markets in Europe banning import and G7 imposing shipping restrictions, more than 90 per cent of Russian seaborne crude is now headed to Asia, up from pre-war levels of 34 per cent.