MOSCOW, Jan 30 (Reuters) – Asian markets are showing no let up in their demand for Russian oil, absorbing a big rise in seaborne exports of Urals crude this month and helping Moscow cope even as most Western buyers stay away, according to traders’ and Refinitiv Eikon data.
At least 5.1 million tonnes of Urals are being shipped from Russia’s European ports of Primorsk, Ust-Luga and Novorossiysk to Asia in January, the data show.
The final destinations for another 1.9 million tonnes of the grade has yet to be identified, but traders expect most of them will also end up in India or China.
As a result, Urals crude loadings bound for Asia in January could reach some 7 million tonnes, up by some 2 million tonnes from December, according to Reuters calculations.
Russia’s Oil Cargoes Surge Ahead of EU Import Ban
Turkey and Bulgaria remain the only buyers of the grade in Europe’s seaports, the data show.
The rise in Urals shipments to Asia comes amid a general increase in Russia’s seaborne oil supplies. Crude loadings from Primorsk and Ust-Luga this month are set to rise 50% from December to above 7 million tonnes – the highest in four years.
Urals supplies for ship-to-ship transfers for further deliveries to Asia in January are expected to reach at least 1.4 million tonnes.
Russian oil flows to Turkey this month, meanwhile, were assessed at around 400,000 tonnes, while Bulgaria, which is excluded from a European Union ban on Russian oil, is set to receive about 560,000 tonnes of Urals and Siberian Light.
Russia has been diverting its trade away from the EU to other markets, mainly in Asia and Latin America, amid the deep political rift that followed Moscow’s move to send tens of thousands of troops into Ukraine last February.
(Reporting by ReutersEditing by Mark Potter)
(c) Copyright Thomson Reuters 2023.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,652 members that receive our newsletter.
Have a news tip? Let us know.
In a significant step to expand Russia’s domestic shipbuilding portfolio the Zvezda shipyard has completed work on its first LNG vessel. Ice-capable gas carrier Aleksey Kosygin departed from the yard near Vladivostok for sea trials on December 25.
Israel has instructed its diplomatic missions in Europe to try to get the Iran-backed Houthi rebel group in Yemen designated as a terrorist organization.
Australian importers are facing unprecedented challenges in container shipping, with some paying up to eleven times more for ocean freight compared to previous years, according to a new report from...
Maritime and offshore news trusted by our 109,652 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
