China, after depleting its strategic oil reserves throughout 2023, plans to cautiously refill its stocks in 2024, without triggering a significant surge in global oil prices.
In 2023, India s reliance on OPEC s oil hit an all-time low, while imports of discounted Russian oil reached a record high, marking a significant shift in the country s crude imports. India, traditionally dependent on OPEC nations for the majority of its oil needs, imported nearly equal quantities from OPEC and non-OPEC members last year.
Projections from S&P Global Commodity Insights estimate Russian crude imports to reach around 1.73 million b/d in 2023, , india, Russian Crude Imports, price surge, Global Oil Market, crude imports, russia
In December, India imported 1.52 million barrels per day (bpd) of Russian crude oil, compared to 1.48 million bpd in November. Russia retained the position of top supplier of crude oil to India in the last month of the year.