Page 108 - RusRPTFeb24

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In November 2023 Russia was once again the leading oil supplier to China and India, according to the January report of the Organization of Petroleum Exporting Countries (OPEC). According to the statement, Russia supplied 21% of China's total oil imports in November, up from 17% in October, over 16% for Saudi Arabia, Iraq - 10%, and Malaysia - 9%. According to OPEC, China's total oil imports reached a record 11.7 mln bpd in 2023.
Indian refineries are probably selling record amounts of Russian crude to Europe, a new analysis says. the EU has become one of India's largest refined oil customers. Kpler data shows the bloc bought about 231,800 barrels of refined crude products per day from India last year, up 115% from the previous year. This is the largest amount of refined oil purchased by Europe from India in the last seven years, Kpler data recorded. The analysis said this is probably the largest amount of refined oil ever purchased by Europe from this country, much of which is likely to be Russian in origin.
Imports of Iranian oil to China have declined as Teheran demands higher prices from Chinese buyers, Reuters reported citing refinery and trade sources. According to the agency, last November Iran and China clinched deals for Brent oil supplies at a discount of $10 per barrel. However, in early December, Tehran informed Beijing that the discount would be reduced to $5-6 for supplies in December and January. Industry representatives considered
108 RUSSIA Country Report February 2024 www.intellinews.com