The World’s Oil Map Is Being Redrawn by Rising Russian Flows to Asia
- India and China take more cargoes from Moscow amid sanctions
- ‘Clearly Asian buyers are the winners here for cheap oil’
A tanker sails off towards the East China Sea off the coast of Ningbo, Zhejiang Province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The global oil map is being redrawn as the long-run impact of western sanctions channels more barrels from Russia to Asia’s largest economies, with China also taking crude from Iran and Venezuela.
China and India took more than 30% of their combined imports from the three states in April, according to data tracked by intelligence firm Kpler. That’s up from just 12% in February 2022, the month Russia invaded Ukraine.