Russian crude heading to Asia hits a 5-week high as looming European sanctions inch closer

India and China took in the majority of Russian crude shipments to Asian buyers in the past five weeks.

In the week leading up to September 23, the four week moving average of shipments to Asia was 1.79 million barrels per day, up from 1.74 million barrels per day in the week leading up to September 16. Those marked without a final destination are included in the shipments.

The embargo on Russian crude is set to start in December. The EU's ban has led to a push for a price cap.

The EU is likely to delay the cap as they struggle to reach an agreement, according to a report. According to sources, Cyprus and Hungary are still opposed to the price cap.

Iran's oil exports have fallen as a result of increased competition from Russia.

The peak of exports was 1 million barrels a day. The competition is heating up in China and Iran is trying to stay competitive with Russia.