OREANDA-NEWS  In May 2024, Russia retained its leadership in oil supplies to China and India. This is reported by TASS with reference to the July report of the Organization of Petroleum Exporting Countries (OPEC).

It is clarified that according to the results of the last month of spring, Russian commodity exporters were able to cover a total of 41 percent of India's total oil imports. A similar trend was observed in April. Iraq came in second place, which covered 21 percent of the Asian country's needs for these raw materials, and Saudi Arabia closed the top 3 (11 percent).

As for the Chinese market, Russia was able to provide 19 percent of China's total oil imports in May. Despite maintaining its leadership, the share of the Russian Federation decreased by 2 percentage points (pp) compared to the April figure. Nevertheless, Russia managed to get ahead of the closest pursuer in the person of Saudi Arabia by 3 percentage points. Malaysia took third place (12 percent), and Iraq was on the fourth line (11 percent), OPEC summarized.

Earlier, Deputy Prime Minister Alexander Novak also announced Russia's leadership in the structure of India's oil imports. According to him, since 2022, the supply of raw materials from the Russian Federation to the Asian country has doubled and reached the level of 90 million tons. In comparison with the indicator of 2021, the current export volumes have increased 20 times. As a result, Russian exporters currently cover about 40 percent of India's total oil demand.