India & China lead surge in Russian crude imports

India and China, the world's leading oil consumers, have become major buyers of heavily discounted Russian crude oil. According to the international energy agency (iea), these two economic powerhouses accounted for a staggering 80 percent of Russia's crude oil exports in may. India's imports, which were almost non-existent before, have surged to nearly 2 million barrels per day, while china has increased its liftings to 2.2 million barrels per day.