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More Russian Oil Than Ever Before Is Heading for China and India

  • Up to 79 million barrels of nation’s oil on ships, Kpler says
  • Asia is now biggest buyer of Russian barrels amid Ukraine war
Updated on

A record volume of Russian oil is on board tankers, with unprecedented amounts heading to India and China as other nations restrict imports because of the war in Ukraine.

Between 74 million and 79 million barrels from the OPEC+ producer were in transit and floating storage over the past week, more than double the 27 million barrels just before the February invasion of Ukraine, according to Kpler. Asia overtook Europe as the largest buyer for the first time last month, and that gap is set to widen in May, according to the data and analytics company.