On June 11 (Moscow time), the latest report from the Organization of the Petroleum Exporting Countries (OPEC) said that Russia still maintains its position as the leading crude oil supplier to the two largest energy-consuming economies in Asia, India and China.
According to data released by OPEC based on data from Kpler analysis company, Russia's crude oil exports to India in April reached about 1.7 million barrels/day (bpd), down from 2.1 million barrels/day recorded in March.
Despite the decrease in export output, Russia still maintains a significant gap with its competitors and continues to be India's largest oil supplier.
Saudi Arabia ranks second with about 670,000 barrels/day, less than half of Russia's oil exports to this market. Other suppliers include Venezuela with about 283,000 barrels/day, Brazil 276,000 barrels/day, Nigeria 236,000 barrels/day and Iran 133,000 barrels/day.
Meanwhile, India's oil import demand continues to increase. The country's total oil imports in April averaged 4.9 million barrels/day, up 9% compared to the previous month.
According to energy experts, Russia's continued maintenance of a large supply to India reflects the trend of global oil trade shift since the West imposed sanctions on Moscow related to the conflict in Ukraine.
Not only in India, Russia also continues to hold the number one position in the Chinese market.
OPEC said China's oil imports in April fell sharply from 11.76 million barrels/day to 9.32 million barrels/day. This is the lowest level since October 2021, showing that import demand from the world's second largest economy is showing signs of stagnation in the short term.
However, Russia is still the largest oil supplier to China, accounting for about 23% of the country's total oil imports in April.
Brazil ranks second with 15% market share, while Saudi Arabia ranks third with about 13%.
The latest figures show that Asia continues to be a key market for the Russian energy industry. In the context of sharp decreases in oil exports to Europe in recent years, China and India have become the two most important customers of Russian crude oil.
