Asia surpasses Europe as the biggest Russian oil customer

Asian nations will overtake Europe as the main importers of Russian oil for the first time in April 2022, according to Bloomberg, quoting Singapore-based analytics firm Kpler.

Last month, Russia sent over 71.7 million barrels of petroleum to Asia, more than double as much as Russia exported to the area before to the start of the military action in Ukraine. The resultant international sanctions and the fear of an oil ban pushed Moscow to shift the exports, and shipments to Asia, according to the journal, have been expanding at a rapid pace.

According to Jane Xie, a senior oil analyst at Kpler, “some of the interested buyers in Asia are more motivated by economics rather than taking a political stand.”

The majority of Russia’s redirected oil was sent to India and China. Russia recently gave a significant 25% discount on its oil, and media sources indicate that both India and China have been quietly purchasing it at the cheaper price in recent weeks.
Source: MENAFN