Russian Oil Sanctions Have Redrawn Global Trade Maps

In January, Indian imports of Russian crude oil reached a record. These were up by 9.2 percent on the month to a daily average of 1.4 million barrels. This month, China’s oil imports from Russia are expected to reach a record at 1.66 million bpd. Taken together, India and China are then taking in more than half of Russia’s total daily crude oil exports, which before the war in Ukraine averaged around 5 million bpd. A lot of that used to be absorbed by Europe. Now, Russia is finding new markets. And a whole new industry of oil traders…