Europe slashes Russian oil imports, China and India become major buyers

Reuters reports on the statement from Russian Deputy Prime Minister Alexander Novak, revealing a tenfold reduction in Europe's intake of Russian oil.

Novak notes that Europe's portion of Russian oil exports has dwindled from 40-45% to 4-5%. 

"The main partners in the current situation are China, whose share has grown to approximately 45-50%, and, of course, India," adds the Deputy Prime Minister.

In 2023, half of Russia's exported oil and oil products are expected to head to China. Simultaneously, India's share has risen to 40% in just two years, marking a significant increase in its importance as a market for Russian oil.

• Earlier, there were reports of delays in supplying Russian Sokol crude oil to Indian Oil Corp (IOC) due to payment issues. In response, India's largest oil refinery tapped into reserves and sought oil from the Middle East.