That article is from June 14. Now the situation is different because Iraq is offering Crude at the same discounts and so it is safer to increase some purchases from there. The grades are not the same so Russian crude will be purchased as long as they discount heavily.
“India, China buying MORE Russian oil”
Would now read “India, China WERE buying MORE Russian oil”
The peak has passed. It may have been fun while it lasted, but it was brief.
That article you posted was from about six weeks ago, and was looking backward. The peak was probably in May.
Prices are down a good 20% from the peak. Russian export volumes are now no longer just declining rapidly to Europe, but now also declining to the great hopes of India and China.
It would take a few years to replace Russia’s oil and gas for the world market, during a period of economic growth. But during a recession, it is much more feasible to make Russia absorb all or most of the reduction in sales.
As recession hits the world, the effects will be concentrated hardest in the Russian oil and gas sectors.
The Russian economy is in for a hard landing.