China, India taking close to half of crude shipped from Russian ports
Russia’s crude heads east
Photographer: Andrey Rudakov/Bloomberg
By
Julian Lee
June 13, 2022, 10:13 PM GM
Russia’s seaborne crude flows are taking on a new pattern as Moscow seeks to deal with impending European sanctions on its exports. India has moved from being an insignificant buyer of Russian crude to the second-biggest destination for shipments, behind only China.
As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores. Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas.
Almost 860,000 barrels a day of crude were loaded onto tankers at Russia’s western export terminals in the week to June 10 before heading to destinations in Asia. And the figure will almost certainly be revised higher once destinations become apparent for almost 210,000 barrels a day that are on vessels yet to show a final discharge point.
Russia’s crude heads east
Photographer: Andrey Rudakov/Bloomberg
By
Julian Lee
June 13, 2022, 10:13 PM GM
Russia’s seaborne crude flows are taking on a new pattern as Moscow seeks to deal with impending European sanctions on its exports. India has moved from being an insignificant buyer of Russian crude to the second-biggest destination for shipments, behind only China.
As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores. Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas.
Almost 860,000 barrels a day of crude were loaded onto tankers at Russia’s western export terminals in the week to June 10 before heading to destinations in Asia. And the figure will almost certainly be revised higher once destinations become apparent for almost 210,000 barrels a day that are on vessels yet to show a final discharge point.
