Russian oil exports surge ahead of EU embargo – Bloomberg

Türkiye, India, and China are the main destinations for Russian crude oil, but exports to Europe are also rising, Bloomberg reports
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Türkiye, India, and China remain the top buyers, but exports to Europe are also rising, the news outlet reports

Russian seaborne oil exports have surged over the past month as countries rush to stock up before the EU embargo comes into force in December, Bloomberg reported on Monday, citing vessel tracking data.

According to the report, Türkiye, India, and China stepped up their purchases of Russian barrels in the four weeks to October 14.

Flows to the three countries initially peaked in June at 2.2 million barrels a day. This month, the volume of shipments that specified them as their final destinations was down by roughly 350,000 barrels a day to around 1.85 million barrels.

However, deliveries to Türkiye have reportedly surged to the highest level this year. Also, the fuel volume on tankers that have not marked their final destinations, instead marking transit points such as Port Said, Gibraltar, or marking the shipment ‘for orders’, has grown by around 450,000 barrels a day. According to Bloomberg data, these shipments mostly end up either in India or China. Therefore, analysts say Russia’s combined shipments to these countries are likely to beat the previous record for the year once their destinations are revealed.

Overall exports of Russian crude also surged in the reporting period, exceeding 3 million barrels a day on average, which is the highest oil shipment volume for Russia since mid-August.

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The surge came amid increased deliveries to Europe, as countries in the region appear to be eager to fill up their storage tanks before the EU embargo on Russian seaborne oil comes into force on December 5, the news outlet states. Oil exports to European countries excluding Türkiye rose to 714,000 barrels a day in the week ending October 14, up by 14%.

According to Bloomberg calculations based on figures from the Russian Finance Ministry, the country’s revenue from seaborne oil sales jumped by $9 million to $134 million in the week ending October 14. The average for the four weeks ending on that date also rose, gaining around $2 million to $145 million.

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