An increase in Asia’s demand for Russian oil at reduced prices offsets the significantly lower number of barrels sold to Europe, thus weakening the effects of the West’s attempts to punish Russia for the invasion of Ukraine.
Most of the excess oil has gone to two countries: China and India. China’s imports of Russian oil rose 28 percent in May compared to April, a record that made Russia the leading oil supplier to China, formerly Saudi Arabia. But the biggest increase has been in exports to India, which has gone from importing almost no oil from Russia to bringing home more than 760,000 barrels a day, according to shipping data from market analysis firm Kpler.
Source: Politiken.dk – Forsiden by politiken.dk.
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