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Russia stays China’s and India’s largest supplier of oil in May — OPEC

At the same time, OPEC reported that Russia reduced crude oil output by 114,000 bpd to 9.139 mln bpd in June 2024

MOSCOW, July 10. /TASS/. Russia once again became the largest supplier of oil to China and India in May, according to the July OPEC report.

According to the data from analytical agency Kpler, cited by OPEC, Russia provided 41% of oil supplies of India’s total imports in May, as in the previous month. Iraq provided 21% of oil supplies and Saudi Arabia - 11%.

India's total oil imports in May fell by 1% from April to 5.1 mln barrels per day (bpd).

In addition, according to OPEC, Russia provided 19% of China's total oil imports in May, down from 21% a month earlier. Saudi Arabia accounted for 16% of supplies, Malaysia - for 12%, and Iraq - for 11%. Overall, OPEC estimates that China's oil imports increased by 2% in May compared to April, reaching 11.1 mln bpd.

At the same time, OPEC reported that Russia reduced crude oil output by 114,000 bpd to 9.139 mln bpd in June 2024, though its production exceeded the plan within OPEC+ agreements by 161,000 bpd.

Production amounted to 9.301 mln bpd in April, 9.253 mln bpd in May, with Q1 and Q2 average reaching 9.431 mln bpd and 9.231 mln bpd, respectively.

That said, considering all voluntary output cuts within OPEC+ agreements Russia was to slash production to 8.978 mln bpd last month. Thus, Russia exceeded the oil production plan by 161,000 barrels per day.

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China India OPEC

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