Russia exported more oil in April than in any other month since its full-scale invasion of Ukraine last year.. At the same time, almost 80% of crude oil supplies come from China and India, according to the International Energy Agency (IEA), writes FT.

In April, Russian oil exports rose another 50,000 bpd to a post-invasion high of 8.3 million bpd, well above averages of 7.7 million bpd in 2022 and 7.5 million bpd in 2022..

The surge in supplies reflects Moscow's success in finding new buyers for its oil after Europe blocked imports and new ships to transport cargo to its markets..

Since the West first threatened Russia with sanctions last year, Moscow has partnered with a significant number of obscure trading companies and tanker owners to develop new systems to transport its oil..

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The result was one of the largest shifts in trade flows in history: over the past 12 months, the Russian Federation has moved millions of barrels of oil per day from Europe to Asia..

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Even though Russia shipped more oil, the IEA estimated its monthly export earnings were 27% lower than in April 2022, partly due to lower global energy prices..

Russian oil is also trading at a discount due to the G7-imposed cap on Russian oil prices. However, this discount has begun to narrow, the IEA notes, as Russia has expanded its access to " The IEA estimates that Moscow's oil export revenues totaled $15 billion in April, up from $13.3 billion in March..

In total, Russia shipped 5.2 million barrels of oil per day in April, the most since May 2022, including 2.1 million barrels per day to China and two million barrels to India. The total export of petroleum products amounted to three million barrels per day.

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Imports from Russia helped meet rising oil demand in China, which hit an all-time high of 16 million bpd in March, the IEA added..

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In response, the IEA raised its forecast for global oil demand growth in 2023 to 2.2 million barrels per day, adding that China will account for almost 60% of this growth..

The fall in world oil prices in April and early May, when Brent crude fell by almost $16 a barrel in just two weeks, contrasts sharply with market tensions expected in the second half of the year..

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Bloomberg previously reported that China and India are saving Moscow from " EU Chief Diplomat Josep Borrell Says EU Should Take Action on India Selling Refined Russian Oil to Europe.