According to early estimates from ship trackers, China and India’s imports of Russian crude oil in May reached an all-time high as consumers gorged on inexpensive supplies, lowering demand for oil from the Middle East and Africa.
Before a summit of the Organisation of the Petroleum Exporting Countries and its allies, including Russia, on June 4, the increase in Russian supply is timed.
Despite an OPEC+ commitment in April to further reduce supply starting in May, producers are under some pressure to take action to support Brent prices, which have dropped 5% this week to approximately $73 per barrel.