MOSCOW, Aug 11 (NNN-TASS) — In June 2023, Russia held on to its spot as the top oil supplier to China and India for the fifth month in a row, according to the August report of the Organization of Petroleum Exporting Countries (OPEC).
Russia accounted for almost 20% of total oil imports by China, according to OPEC. Saudi Arabia provided 15% of total supplies and Malaysia’s share was close to 11%. Overall, oil imports by China gained 5% month on month and stood at 12.7 mln barrels daily.
Russia has consistently been the top oil supplier to India over the last twelve months, supporting 45% of all Indian oil imports, OPEC said, citing data from the Kpler analytical agency. Iraq provided about 17% of supplies and Saudi Arabia – 16%. Total Indian oil imports lost 3% in June against May and totaled 4.7 mln barrels a day.
Meanwhile, Russia’s exports to India in the 2022-2023 financial year increased 4.7 times to $46.2 billion, Alexander Rybas, Russia’s trade representative in India, said on Thursday.
He was speaking at the opening of the 9th international trade fair in NEW DELHI, sponsored by the Indian SME Forum.
Rybas referred to the data of Indian statistics, saying that in the 2022-2023 financial year, the trade turnover between India and Russia increased to $49.3 bln. “Export [of goods] from Russia [to India] increased 4.7 times and reached $46.2 billion. Direct import of Indian goods [to Russia from India] amounted to $3.1 billion,” he said.
According to the official, to ensure further growth of trade between the two countries, it is important to increase the role of small and medium-sized businesses. “For this purpose, we will continue to interact with the Indian Forum for the Development of Small and Medium Enterprises and Indian companies that contact us directly,” Rybas said.
In June, speaking at the St. Petersburg International Economic Forum (SPIEF) Indian Ambassador to Russia Pavan Kapoor said that India is interested in expanding trade with Moscow and increasing the supply of its products.
The Indian diplomat noted that there are many areas for cooperation, in particular, pharmaceuticals, automotive components and equipment sector, and the chemical industry. According to him, India is ready to supply goods of this profile to the Russian market. — NNN-TASS
