India and China guzzled almost 80% of Russian crude exports in May as the global oil flow changed direction under G7 and European energy curbs on Moscow, according to the International Energy Agency. “India has increased purchases from almost nothing to close to 2 mb/d (million barrels per day), while China has raised liftings by 500 kb/d (kilo barrel per day) to 2.2 mb/d. In May 2023, India and China accounted for almost 80% of Russian crude oil exports. In turn, Russia made up 45% and 20% of crude imports in India and China, respectively,” the agency’s 2022-28 market analysis and forecast said.
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