Russia may become India's largest oil exporter in July, surpassing Iraq

02:30 Tue, 30 May

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15.Jul .2022 16:30

Russia may become India's largest oil exporter in July, surpassing Iraq

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This month Russia may become the largest oil exporter not only to China, but also to India, surpassing its closest competitor, Iraq, according to a report by the Energy Development Center.

"As for India, the increase (in June - TASS) in supplies compared to May amounted to almost 20%, and in annual terms - more than 20 times. Already in July, Russia may become the largest supplier of oil to India, outstripping Iraq (1.02 million barrels per day in June) and providing more than 20% of the country's oil imports," the report says.

According to experts, supplies of Russian oil to China are also growing. In June, they reached 2 million barrels per day both by sea and via the ESPO (Eastern Siberia-Pacific Ocean) pipeline, to India - 985,000 barrels per day. "For the second month in a row, Russia has become the largest oil supplier to China, providing 15% of all imports and surpassing Saudi Arabia," analysts say.

The Energy Development Center also emphasized that Russian oil exports have fully adjusted to the sanctions and, at least during the summer, one should hardly expect a significant decrease, TASS reports.