Increased Russian Crude Exports To Asia Leads To Changing World's Oil Map

As a result of the long-term effects of western sanctions, more barrels are being diverted from Russia to Asia's strongest economies, with China also importing petroleum from Iran and Venezuela.

According to data monitored by intelligence company Kpler, China and India imported more than 30 per cent of their total goods from the three states in April. In February 2022, the month that Russia invaded Ukraine, that figure was only 12 per cent.

Traditional providers' exports are under pressure. More than 40 per cent and 35 per cent less money has been flowing to the pair from West Africa and the US, respectively.

According to Wang Nengquan, a former economist at Sinochem Energy Co. who has more than three decades of experience in the oil industry, "clearly Asian buyers are the winners here for cheap oil costs." 

According to Wang, Russia's oil exports have practically returned to normal as Asia, headed by India, has recently overtaken Europe as Moscow's top trading partner.