SerpApi.Org
The current shipment volumes exceed the average annual levels seen since the start of the war in Ukraine Indian oil refiners have increased purchases of Russian crude, with intermediaries helping buyers bypass US sanctions, Bloomberg reports.
According to vessel-tracking data, more than 2.3 million barrels of Russian crude oil per day were unloaded at Indian ports last month. In July, supply volumes remained at a similarly high level.
By comparison, before Russia’s full-scale invasion of Ukraine more than four years ago, India’s purchases of Russian crude were close to zero. The surge in Indian imports has helped Moscow avoid a buildup of unsold oil at sea.
Despite US sanctions targeting Russia’s largest oil producers, buyers have continued purchasing Russian crude. Restrictions introduced late last year were intended to curb exports, but the use of intermediary networks has instead enabled Russia to increase shipments.
Price slump and export trends
The sharp increase in exports to India has coincided with declining shipments from Persian Gulf producers and a steep drop in the price of Russian crude.
Key export figures include:
・Falling prices: Russian crude prices have fallen for 13 consecutive weeks, now standing at just over half their mid-April peak.
・Overall exports: Russia’s 4-week average seaborne exports stay close to record highs at 4.16 million bpd for the period to July 19.
・Weekly exports: In the week to July 19, 37 tankers loaded 27.73 million barrels of Russian crude, equivalent to an average of 3.96 million barrels per day.
Since the beginning of the year, Russia’s average seaborne crude exports have reached 3.62 million barrels per day. This is 280,000 barrels higher than the average for the entire previous year.
Current shipment volumes exceed the average annual levels seen since the start of Russia’s full-scale invasion of Ukraine.
Earlier, Russian President Vladimir Putin acknowledged thatUkrainian drone strikes had created certain problems for Russia’s fuel supplies, while insisting that the authorities were gradually bringing the situation under control.
Russia’s oil refineries are currently producing enough fuel to meet only about 65% of the country’s seasonal gasoline demand. The shortages have been driven by repeated Ukrainian drone attacks that have damaged or disabled several of Russia’s largest refineries.
