www.zerohedge.com BY TYLER DURDEN
Days ago Reuters reported that Indian imports of Russian oil surged in June, reaching 950,000 barrels of cheap Russian oil per day. From May (where India imported 819,000 bpd) this marked a 15.5% rise, while simultaneously imports from its number one and (now) number three suppliers – Iraq and Saudi Arabia – dropped 10.5% and 13.5%, respectively. And this is a massive leap up from from the 277,000 bpd imported in April.
The Reuters report further underscored that as the West moves to ban and sanction Russian oil altogether, it’s China and India that now account for 50% of Russian seaborne exports, lured by hugely discounted prices compared to the Brent international benchmark.
As we’ve been detailing, Russia’s energy earnings are already back to pre-war levels after five months of round after round of US and EU sanctions intended to “punish” Moscow and President Vladimir Putin, with analysts widely estimating Russia’s energy sales are now on track to reach $285 billion this year.
