India became the largest importer of Russian oil
The EU banned offshore oil imports from Russia, and then the G7 countries put a price cap on exports. After that India became the largest importer of Russian oil offshore.
According to Poten & Partners, in November 2022, exports to India increased to 1.2 million barrels per day, but in December, export volumes slightly decreased.
China is following India's trend by increasing its consumption of Russian oil. At the beginning of the year it was about 600,000 barrels per day. In November it reached about 940,000 barrels per day.
Poten & Partners said that China focused on exports from the Far East of Russia, while India primarily targeted European barrels from the Black Sea and some from the Baltic Sea. At the moment, almost all of the oil exported from Kozmino goes to China, as Korea and Japan, which used to be regular buyers, have reduced their imports. Initially, Turkey increased its purchases from the Kremlin, but after peaking in August, its imports of Russian oil dropped by more than half.
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