A surge in demand from Asia for discounted Russian oil is making up for the sharply lower number of barrels being sold to Europe, dulling the effects of the West's efforts to punish Moscow over its invasion of Ukraine and keeping revenue flowing to the Kremlin. Most of the additional oil has gone to two countries: China and India. China's imports of Russian oil rose 28% in May from the previous month, hitting a record high and helping Russia overtake Saudi Arabia as China's largest supplier. And most of the increase went to India, which has gone from taking in almost no Russian oil to bringing in more than 760,000 barrels a day, according to shipping data analysed by Kpler, a market research firm.
This story is from the June 22, 2022 edition of The Times of India Mumbai.
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This story is from the June 22, 2022 edition of The Times of India Mumbai.
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