Bloomberg: Russia’s crude shipments to Asia tumble to post-invasion low

    WORLD  16 August 2022 - 15:15

    Russia’s crude shipments tumbled in the week to August 12, dropping to their lowest since March.

    The volume sent to key Asian buyers, who have stepped in to take barrels shunned by Europe, fell to its smallest since Russian troops invaded Ukraine in February, according to Bloomberg

    Even if all the crude on ships showing no final destination ends up in Asia, the flow would still be the smallest since March. While a single week’s figures are not enough to signal the start of a trend, lower flows to China and India, Russia’s two largest export markets, will cause concern in the Kremlin.

    Shipments to Asia have been drifting lower from a plateau of about 2 million barrels a day sustained from mid-April to mid-June.

    There is no suggestion yet that India is turning its back on the Russian barrels that it has been so keen to buy at steep discounts after they were forced out of traditional European markets.

    India’s oil purchasing decisions will continue to “be guided by our energy security requirements,” Ministry of External Affairs spokesman Arindam Bagchi told reporters on Friday.

    Russia is also continuing its efforts to develop new markets for its crude. A third tanker is heading to cash-strapped Sri Lanka and two vessels have arrived at El Hamra on Egypt’s Mediterranean coast since Russian Foreign Minister Sergei Lavrov visited the country last month.

    Using a four-week moving average to smooth out some of the variability in the weekly figures, Russia’s seaborne crude shipments have stabilized at a level about 500,000 barrels a day below the peak they reached after Moscow’s troops invaded Ukraine, and remain little changed from where they were before the attack.

    On this basis, seaborne exports edged lower in the week to August 12, slipping to 3.24 million barrels a day from 3.32 million the previous week, according to vessel-tracking data monitored by Bloomberg.

    Based on current destinations, the average flow of Russian crude to Asia fell below 1.75 million barrels a day, down from more than 2.1 million barrels a day in April and May.

    Shipments to European buyers including those in northern Europe, the Mediterranean and the Black Sea region were also lower at 1.32 million barrels a day, down from more than 1.85 million a day before the invasion.

    Inflows to the Kremlin's war chest from crude export duty remain higher than they were before the war, with four-week average income still running some $30 million above levels seen in January and February.

    Caliber.Az




Read also

Great Britain says goodbye to key Brexit promise

25 September 2022 - 17:40

Germany's Scholz welcomes energy security deal in UAE

25 September 2022 - 17:06

Kyiv issues guidelines for leaving Russia-controlled areas via Azerbaijan

25 September 2022 - 16:44

Canada to drop vaccine requirement for visitors from September 30

25 September 2022 - 22:28

Two pilots killed after two sport aircraft collide in Germany

25 September 2022 - 17:49

Spanish PM tests positive for COVID-19

25 September 2022 - 16:28
ADVERTS
Latest news

    Canada to drop vaccine requirement for visitors from September 30

    25 September 2022 - 22:28

    Kyrgyzstan,Tajikistan sign document to end conflict

    25 September 2022 - 21:36

    COVID-19 cases in world exceed 614.8 million

    25 September 2022 - 20:33

    MoD denies Armenian claims about Azerbaijani wounded servicemen

    25 September 2022 - 19:36

    Azerbaijani chess player wins Shusha Chess Tournament 2022

    25 September 2022 - 19:27

    House of Azerbaijan opens in Finland

    25 September 2022 - 18:30

    Türkiye: Istanbul shipping canal construction to cost $20 billion

    25 September 2022 - 18:00

    Two pilots killed after two sport aircraft collide in Germany

    25 September 2022 - 17:49

    Great Britain says goodbye to key Brexit promise

    25 September 2022 - 17:40

    General Staff: Ukraine repels Russia's offensive in six settlements

    25 September 2022 - 17:20

    Germany's Scholz welcomes energy security deal in UAE

    25 September 2022 - 17:06

    Iran summons Norwegian, UK, Swedish envoys over attacks on embassies

    25 September 2022 - 16:59

    Kyiv issues guidelines for leaving Russia-controlled areas via Azerbaijan

    25 September 2022 - 16:44

    Spanish PM tests positive for COVID-19

    25 September 2022 - 16:28

    Türkiye may begin to supply food to Europe amid energy crisis

    25 September 2022 - 16:13

    Powerful Delta IV Heavy rocket launches US spy satellite

    25 September 2022 - 16:00

    Italians vote in general snap election

    25 September 2022 - 15:46

    Ankara: Greece illegally stationing armoured vehicles on Aegean islands

    25 September 2022 - 15:29

    Armenian MP lambasts officials for opposition members' arrest

    25 September 2022 - 15:14

    President: Turkish Republic of Northern Cyprus stands by Azerbaijan in its just struggle

    25 September 2022 - 15:00

    China partially closes Yellow Sea for shipping

    25 September 2022 - 14:45

    Azerbaijan defuses 55-kg explosive device laid by Armenia

    25 September 2022 - 14:31

    SpaceX launches another successful Starlink mission from Florida

    25 September 2022 - 14:21

    Iran: Protesters stone security forces in Ardabil

    VIDEO

    25 September 2022 - 14:07

    Polish envoy: Azerbaijan - important energy partner for Europe

    25 September 2022 - 13:56

    China coup rumours dismissed

    25 September 2022 - 13:40

    Cavusoglu: US should not devalue Türkiye's importance

    25 September 2022 - 13:26

    Sweden ready to support mediation efforts between Azerbaijan, Armenia

    25 September 2022 - 13:11

    Kyiv: Odesa attacked by kamikaze drones

    25 September 2022 - 13:05

    WSJ: Support for Ukraine potentially faces new political hurdles in US Congress

    25 September 2022 - 12:59

    North Korea fires ballistic missile ahead of US VP's visit

    25 September 2022 - 12:45

    Azerbaijan successfully foils Armenian provocation near its embassy in Sweden

    25 September 2022 - 12:30

    Italian Eni to replace over 50% of Russian gas this winter

    25 September 2022 - 12:13

    China vows to combat Taiwan separatism

    25 September 2022 - 12:00

    Azerbaijan among top 50 in UN Sustainable Dev't Goals Report 2022

    25 September 2022 - 11:44

    Biden declares state of emergency in Florida amid Tropical Storm Ian

    25 September 2022 - 11:30

    Slovenia seeks to expand demining cooperation with Azerbaijan

    25 September 2022 - 11:21

    UN Security Council to hold ministerial on Ukraine on September 27

    25 September 2022 - 11:08

    Iran to act decisively after biggest protests in years, president says

    25 September 2022 - 10:59

    Bloomberg: EU nations urge tougher Russia sanctions in next package

    25 September 2022 - 10:43

    China urges countries to resolve differences through dialogue

    25 September 2022 - 10:28

    Türkiye, UN find options for supplying Russian fertilisers to markets

    25 September 2022 - 10:16

    FM: Armenia-Azerbaijan peace eastablishment key to prosperous South Caucasus

    25 September 2022 - 10:03

    Azerbaijani FM briefs UN session about latest Armenia provocations

    25 September 2022 - 09:56

    FM: Azerbaijan not interested in tension with Armenia

    25 September 2022 - 09:43

All news