The Organization of the Petroleum Exporting Countries (OPEC) released its latest Oil Market Report on Thursday, showing that Russia continues to be the largest exporter of oil to India and China in June,

According to the report, nearly 20% of China’s total oil imports were supplied by Russia over the reporting period, making Russia the largest crude supplier to the nation for six straight months. The second largest supplier, Saudi Arabia, supplied 15% of the nation’s total imports, while in third place, Malaysia accounted for roughly 11%.

In June, China’s imports of Russian crude reached an all-time high of 10.5 million tons, which marked an increase of 40% year over year.

Month over month, total oil imports by China were up 5% over May’s totals, at 12.7 million barrels per day (bpd).

At the same time, Russia supplied 45% of India’s imports of crude in June, which cemented its status as India’s biggest supplier over the previous year. Iraq accounted for roughly 17% of supplies, while Saudi Arabia supplied 16%. Total imports for the reporting period were down 3% compared to May, at 4.7 million bpd.

For the first five months of the year, imports of Russian oil to India surged to 37 million tons, which was more than the total imports for all of 2022, according to data from the Indian Ministry of Industry and Trade.

India and China have been taking advantage of heavy discounts Russia has been offering on its crude oil and petroleum products, due to Western sanctions levied against Moscow. Russia offered the discounts in an effort to break into new markets as traditional Western buyers shunned its products due to the sanctions. Since the beginning of last year’s EU and G7 embargo and price caps imposed on Russian crude a petroleum products, the Kremlin has redirected the majority of its oil flows to Asia.

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