Russia Steals Oil Market Share in Asia From Energy Allies
- Shipments from Middle Eastern producers to India tumble
- West African flows to China have plunged since early 2022
Tankers operated by Indian Oil Corporation, in Guwahati, India.
Photographer: Biju Boro/AFP/Getty Images
This article is for subscribers only.
Russia is finding oil customers in Asia to replace sanctions-blocked European buyers — by clawing away at the market share of its energy allies.
From West Africa to the Middle East, producers in the OPEC+ alliance are feeling pinched as buyers in India and China — Asia’s top growth markets — scoop up cheaper Russian crude. The redrawn global oil trade map could be in place for years to come.