Since the start of the conflict in Ukraine last year, more than 90% of Russian oil has been sent to Asia; as a result, India now buys more seaborne petroleum from Moscow than China. China is now in second place.
In 2023, Russia will give its “friendly markets,” which include China and India, top priority when it comes to selling oil and petroleum products. India’s oil shipments from Moscow will grow this year, according to Moscow.
India received 32 million tons of oil and petroleum products from Russia in 2022, according to an interview with deputy prime minister Alexander Novak.
“Among the nations through which increased quantities of oil and petroleum products will flow, China and India are foremost. Previously, we nearly did not sell those goods to India, but their shipments last year totaled 32 million tons, and they will likely increase this year. Those are our friendly markets, Novak said, according to the Russian news agency TASS.
Russian oil currently makes up over 40% of India’s imports of crude, which is close to the maximum of 40% to 45% that refineries could theoretically handle given the quality of the crude.
Several nations have used the affordable Russian oil. Pakistan has begun importing oil from Russia.
