India's Russian Oil Imports Drop as China Increases Purchases
Russian oil exports to India have significantly decreased, dropping by about one-third since March, primarily due to punitive tariffs imposed by the US on Indian goods, which is a response to India’s continued purchase of Russian crude. In contrast, China’s imports of Russian oil have surged to a five-month high, indicating a shift in the flow of crude. Overall, Russian shipments have rebounded, reaching a weekly high of 3.49 million barrels, suggesting that while India faces challenges in accessing Russian oil, other nations like China are benefiting from this situation. This geopolitical dynamic underscores the complexities of global energy dependencies amid shifting political alliances.