Russia becomes biggest oil supplier to China, India in March again: OPEC

Russia became the largest oil supplier to China and India in March 2023 as in the previous month, the Organization of Petroleum Exporting Countries (OPEC) said in its May report on Thursday.

Russia ensured 18% of China’s total oil imports in March, according to OPEC. Saudi Arabia accounted for 17% of supplies, whereas Iraq accounted for almost 12% of China’s imports in the reporting period. Overall, China’s crude imports rose by almost 16% in March month-on-month, hitting a record level of 12.4 mln barrels per day.

In India, Russia has been the biggest oil supplier for the ninth consecutive month, according to data provided by Kpler analytical agency cited by OPEC, as it ensured 43% of the country’s total imports in March. Iraq and Saudi Arabia ensured around 18% and 15% of supplies, respectively, while the total oil imports by the country slightly decreased in March compared with February – by 3% to 4.9 mln barrels per day.