India bought 1.96m bpd from Russia in May, up 15 per cent from the previous high in April, The Economic Times reported.
The Russian Federation thus accounted for almost 42% of all crude oil purchased by India in a month. This is the highest share for a single country in recent years. And OPEC’s share of India’s oil imports fell to a record low of 39% in May.
Bloomberg earlier estimated that besides India, the main buyers of Russian oil are China and Turkey. The rise in offshore supplies to Asia comes against a backdrop of declining pipeline supplies to Europe.
At the same time, Moscow’s oil revenues declined, falling to just a third of last year’s level in April due to sanctions, price restrictions on its exports and a general drop in global oil prices.
On 4 June, at a meeting in Vienna, the OPEC+ countries agreed to adjust their total oil production from 2024 to 40.46 million bpd. Quotas have been set for each country. Russia, for example, is to adjust its oil production to 9.8m bpd from next year. Overall, OPEC+ states will cut production by almost 1.4m bpd.
At the same time, it was previously reported that OPEC countries and allies do not rule out reducing the amount of extracted oil to one million bpd. This is due to falling oil prices and, analysts say, the likelihood of a supply glut in the crude market.
