Russian Oil Exports Back to Prewar Levels as India and China Buy 90 Percent
Russian exports of crude oil are back above pre-Ukraine War levels as India and China purchase roughly 90 percent of Russia’s oil exports, according to figures shared by Kpler with the Independent on April 14. India and China are each buying about 1.5 million barrels per day (bpd), which makes up for the reduction of exports to European countries that used to buy two thirds of Russia’s crude oil before the war.
Despite Western sanctions after Russia’s invasion of Ukraine, the nation’s oil exports have risen from 3.4 million bpd in 2022 to 3.5 million in the first quarter of 2023, Kpler reported.
The percentage of oil that India buys from Russia rapidly increased from 1 percent in 2021 to 25 percent in 2022 to 51 percent in the first quarter of 2023. While China was already the number one destination for Russian crude oil, it has also increased its reliance on Russia. China now gets 36 percent of its crude from Moscow, up from 25 percent in 2021.
Decreasing revenues: Despite the rise in volume of Russian oil exports, revenues are decreasing significantly every year because of the heavily discounted rates Moscow is forced to offer to India and China. The International Energy Agency (iea) said that although Russian oil exports in March were at their highest level in almost three years, the $12.7 billion revenue is down 43 percent compared to the same period in 2022.
Western sanctions: The West doesn’t want to remove Russian oil from the market because that would cause soaring oil prices. Rather, they imposed price caps on Russian oil to push its revenue down, while ensuring Russia doesn’t shut down production.
Europe is taking a hit because oil prices are higher than if there was never the Russia-Ukraine conflict and subsequent sanctions, but this pales in comparison to the discount that Russia is having to offer its crude at—meaning much lower revenues.
—Matt Smith, lead oil analyst of Kpler
While the West aims to weaken Russia economically, India and China have been quick to support Russia as it redirects its oil exports.
Prophecy says: Prophecies in Ezekiel 38 and Revelation 9:16 strongly suggest that China and India will soon rally behind Russia to form the largest military in history. In his article “Asia Still Stands With Putin,” Trumpet editor in chief Gerald Flurry wrote:
China and India are increasing their support for Russia, even as it wages a war of aggression, the largest conventional military attack since World War ii! This is a signal that Russia’s 146 million people, China’s 1.4 billion people and India’s 1.4 billion people will soon provide Vladimir Putin with a virtually endless supply of manpower! Control over and organization of those masses will be key to the success of this Asian alliance.
To learn more, read our free booklet Russia and China in Prophecy.