According to an international energy body, India and China purchased 80% of Russia's oil in May.

India and China, the top two oil consumers in the world, continued to gobble up Russian crude oil at steep discounts, purchasing up to 80% of the oil that Moscow sold in May, according to a study from the International Energy Agency (IEA).
"Russian crude oil that has been heavily discounted has mostly found new customers in Asia. China increased liftings by 500,000 barrels per day to 2.2 million barrels per day, while India increased purchases from nearly nothing to close to 2 million barrels per day "the current Oil Market Report from the Paris-based energy agency stated.

May was the greatest level of seaborne crude exports from Russia since its invasion of Ukraine in February 2022, averaging 3.87 million barrels per day.

According to the IEA, India and China accounted for about 80% of Russian crude oil shipments in May 2023. "In response, Russia accounted for 40% and 20%, respectively, of crude imports into China and India.

More than 90% of Russian seaborne crude now goes to Asia, up from 34% before the war. This is due to the G7 placing shipping restrictions and Russia's old primary customers for crude export in Europe barring imports.

A new record high for Russian crude flows into the nation was set by India's purchases of Russian oil, which were 14% higher than in April.

Deep discounts continue to be the key driver of the motivation to purchase inexpensive Russian oil. In the first three weeks of May, the discount of Russia's primary crude export grade Urals to Dated Brent averaged USD 26 per barrel. In comparison, a barrel cost $3.70 USD in January 2022.

According to the IEA, the Indian economy will rise by 4.8% in 2023, 6.3% in 2024, and then an even greater 7% in 2025–2028.

It stated that "growth will be supported by favourable demographics and a growing middle class." "In 2027, India is expected to surpass China in terms of the growth in the world's annual oil demand.

In 2023, the country with the fastest-growing economy in the world overtook China to claim the title of most populated nation on Earth.

Although it has been declining for years, population growth won't likely peak until 2065, according to the IEA. "Indian oil demand will increase by more than 1 million barrels per day between 2022 and 2028, driven in part by factors like urbanisation, industrialization, and the growth of a wealthy middle class eager for travel and tourism.

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Diesel, the dominant fuel, will witness an increase in its percentage of the product mix from 32% to 35% throughout the predicted period.

In order to counterbalance Russian cargoes migrating to buyers east of Suez (300,000 barrels per day or nearly one-third of Russian exports) since early 2023, rising shipments from India, the Middle East, and China have migrated west to European and G7 buyers in the Atlantic Basin, according to the IEA. PTI ANZ ANZ MR SHW