The global oil map is being redrawn as the long-run impact of western sanctions channels more barrels from Russia to Asia’s largest economies, with China also taking crude from Iran and Venezuela.
China and India took more than 30% of their combined imports from the three states in April, according to data tracked by intelligence firm Kpler. That’s up from just 12% in February 2022, the month Russia invaded Ukraine.
Exports from traditional suppliers are being squeezed. Flows to the pair from West Africa and the US have collapsed by more than 40% and 35%, respectively.
