Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.

That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.

What are the latest trends in the power and utilities sector?

India, the world's third biggest oil importer and consumer, emerged as the biggest buyer of Russian sea-borne oil, snapping up barrels sold at a discount as Western companies halted purchases after Moscow's invasion of Ukraine in 2022.

With piped gas supplies cut off after the war, imports of LNG from Moscow increased to around 18 billion cubic meters in 2023 from less than 14 billion cubic meters before the attack, according to EU data.

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There are many reasons the U.S. utility grid requires an estimated $2.5t upgrade by 2035, from crumbling infrastructures to keeping up with the increased demand of electrification efforts, all balanced against increasingly volatile weather events.

The country exported a total of 7.3 million barrels a day last month, down 6.4% from March, the Paris-based agency said in its monthly report published Wednesday. That’s Russia’s lowest oil exports in five months, the IEA estimates show.

The Indian government, earlier in 2024, issued an order applicable between May 1 and June 30 to increase power generation from gas-based power plants in anticipation of a power crunch this summer season.

The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment at 2.2 mb/d.

Total Russian seaborne crude exports reached 3.9 million-4 million b/d in March and April, boosted by multi-month high shipments to India, and around the highest since Russia invaded Ukraine in February 2022.

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Rules that may lead to power plants shutting down have the potential to crimp electricity supply, Grech said, while also adding that he thinks the environmental regulator may be overreaching.

The acceptance of Sovcomflot tanker by the country’s largest refiner carries significance as it could embolden other smaller refiners to also use the Sovcomflot vessels for their oil purchases from Russia.

"If Europe is still importing LNG from Russia, it is because there is a need," a France-based gas trader said. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."