Russian crude exports to Asia have reached their highest point in the last four years, as the European Union prepares to impose new sanctions.
In the week ending November 4, shipments to buyers in Asia rose to 1.94 million barrels a day on a four week rolling average. There are an additional 127,000 barrels a day that don't know where to go. Most of the extra barrels are going to India and China.
Russia's crude exports rose to 3.6 million barrels a day, their highest level in five months. The biggest increase in volume was seen by tanker that didn't show final destinations.
The biggest jump in exports was seen at the port of Murmansk, which takes longer for ships to leave for Asia.
Ahead of EU sanctions, sellers are trying to complete as many deliveries as possible. Many ships leave Russian ports without reporting a final discharge point.
There was a decline in vessels marked with a final destination. Before December 5, ships that haven't already left are unlikely to reach discharge locations and are at risk of violating sanctions.
Delivery to India from any of Russia's ports can take weeks, while some exports can reach Chinese destinations in a matter of days.
Customs data shows that China's oil imports hit a five-month high in October, with Beijing allowing more crude to be exported as a way to bolster the economy.
The government allowed Chinese firms and traders to export another 15 million tons of fuel from late September into early December.
All Rights Reserved © 2024
