Russian oil production has jumped 5% so far in June as China and India continue snapping up discounted barrels

• Russian oil production is up 5% so far in June compared to last month, Interfax said, according to Reuters.
• Russian seaborne exports have also jumped about 9.5% so far in June.

Russia has boosted its oil production by roughly 5% in the first half of June compared with last month, Interfax reported Tuesday.

Average daily oil production, including condensate, hit 1.46 million tonnes through the first 13 days of June, about 68,000 more than the rate in May, per Interfax, according to Reuters.

After output declined in the initial weeks after the Russia's launched its war on Ukraine, it has been rebounding amid strong demand, especially in Asia, while demand from the West has been down amid self-sanctioning and government bans.

Russian seaborne oil exports jumped 9.5% in the first 13 days of June compared to May, though pipeline supplies dipped 16.5%.

China and India, in particular, have emerged as top buyers since the war in Ukraine began and demand in the two countries have helped prop up Moscow's energy revenues. Together, the two nations now account for about 50% of Russia's seaborne oil exports.

In May, Russia was India's second-largest oil supplier, surpassing Saudi Arabia, according to Reuters. India imported roughly 819,000 barrels of Russian oil per day in May, about 16.5% of its total imports.

Meanwhile, Russian oil and gas exports have helped the Kremlin add $9.5 billion to an emergency fund amid the wartime sanctions. In May, the government had added $13.5 billion to the fund.