Friday, 2 December, 2022

Russian oil and gas turn to Asia

India and China have been increasingly buying discounted Russian oil as global energy prices remain high and Western nations seek to scale down their reliance on Russian energy.

Facing criticism from Western nations for its Russian oil purchases, India's Foreign Minister S Jaishankar said his country had little choice "when the price of oil is breaking our back".

Where's Russian oil going?

India and China now account for over half of all Russia's seaborne oil exports.

Russia is now China's biggest supplier of oil, taking over from Saudi Arabia in 2022.

In March this year, combined oil imports by China and India from Russia overtook those from the 27 EU member states.