India registers record oil imports from Russia

In May 2023, India recorded its highest oil import from Russia with 1.96 million barrels per day, a 15% increase from the previous peak in April. Indian imports of Russian oil surpassed the total purchases from Saudi Arabia, Iraq, UAE, and the US combined, according to industry data.

Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance.

Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up, much to the frustration of its partners in the OPEC+ deal.

In the four weeks to June 4, the four-week average Russian crude exports by sea rose to 3.73 million barrels per day (bpd), up from a revised 3.68 million bpd in the four weeks to May 28, tanker-tracking data monitored by Bloomberg showed on Tuesday.  Russian crude oil shipments are 1.4 million bpd above the level from the end of 2022, more than can be accounted for by Germany and Poland stopping Russian crude imports by pipeline, or lower refinery throughput.