Russia will continue to be the leading oil supplier to China and India in March 2023, according to the Organization of Petroleum Exporting Countries (OPEC) in its May report released on Thursday.
According to OPEC, Russia provided 18% of China’s total oil imports in March. Saudi Arabia supplied 17% of supplies, while Iraq supplied nearly 12% of China’s imports during the reporting period. Overall, China’s crude imports increased by about 16% month on month in March, reaching a new high of 12.4 million barrels per day.
According to figures published by the Kpler analytical agency and referenced by OPEC, Russia was the largest oil supplier in India for the ninth consecutive month, accounting for 43% of total imports in March. Iraq and Saudi Arabia provided approximately 18% and 15% of supply, respectively, although total oil imports by the country declined somewhat in March compared to February – by 3% to 4.9 million barrels per day.
