India snaps up record amount Russian oil while flows from Saudi Arabia plunge to 28-month low
Saudi Arabian oil shipments, meanwhile, fell to their lowest level since February 2021, marking a 28-month low.
That's largely due to ever-steeper discounts on Russian crude, which has led allies like China and India to ramp up Russian oil purchases tremendously. The average cost of Russian crude shipments was $68.21 a barrel in April, according to data from, marking the lowest price tag on Russia's crude since the nation first invaded Ukraine.
Saudi Arabia has bemoaned the amounts of cheap Russian oil making their way to market, as it pushes oil prices lower for all suppliers. Saudi officials complained to Russia as oil prices dipped below $81 a barrel, a key break-even level for sellers, theSome estimates show that Russia's economy is also struggling as it sells energy commodities at a discount, with cheap crude sales driving energy revenues lower and deepening its budget deficit.
, Russia's finance ministry reported, largely attributing the decline to lower prices for its main oil product as well as falling natural gas exports.
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