India, China’s crude oil imports from Russia in May breach all-time highs, shows shiptracking data
India and China’s purchases of Russian crude oil in May are seen to have breached all-time highs.
As buyers including these two big economies gorged on discounted supplies from Russia, it led to a fall in demand for oil from the Middle East and Africa, news agency Reuters reported citing shiptracking data.
China, world’s No. 1 crude importer, India (world No. 3) are top buyers of Russian oil. In May, these two imported about 110 million barrels in May from Russia. This was a nearly 10% jump month on month and came despite American warnings against price cap evasion.
