Russia increased its Urals oil exports by sea to Asia to 50% of the total in the period October 1-20 ahead of an EU embargo in December on oil and products from the Condition, according to traders and data from Refinitiv Eikon.
EU countries, major consumers of Russian crude oil for decades, will stop buying it from December 5 due to the bloc’s embargo.
Bulgaria is the only state allowed to continue imports by sea beyond the date, while Hungary, Slovakia and the Czech Republic will continue to buy by pipeline.
Russian oil shipments from the Urals to Asia reached 2.08 million tonnes from October 1-20, up 8% from the same period last month, according to Refinitiv data and traders Eicon.
Loadings from the Urals to India during the period are set at 1.38 million tons, compared to 1.72 million tons in the same September period, deliveries to China fell from 0 .1 million tons to 0.3 million tons, while the final destination of 0.3 million tons of the quality shipment to Asia was not yet clear.
At the same time, Russia has cut maritime supplies from the Urals to EU countries by 22% to 1.1 million tonnes, according to Reuters calculations.
Overall oil exports and transit from the Russian western ports of Primorsk, Ust-Luga and Novorossiysk during the period increased by 1% compared to the same period last month to 5.38 million tons.
Still, demand for discounted Russian barrels in EU countries in October remained high, according to trade sources.
“October volumes are balancing out smoothly in Europe and beyond, but there are serious concerns about Russian exports in November and through year-end,” a source at a Western major said. .
Oil shipments to countries in Europe that did not join sanctions or benefited from exemptions increased by 6% between October 1 and 20. Deliveries to Bulgaria increased from 0.4 million tonnes to 0.48 million tonnes and to Turkey to 0.94 million tonnes from 0.88 million.
India and Turkey maintained their leading positions as buyers from the Urals over a period of almost three weeks, while the growing presence of Russian companies in the freight market helped supply , traders said.
(Reuters – Editing by Kirsten Donovan)