Russia's Crude Flows to Asia Take Hold Near Unprecedented Levels

Melanthus

Chief Minister (5k+ posts)

Russia's Crude Flows to Asia Take Hold Near Unprecedented Levels​


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Russia’s seaborne crude flows are taking on a new pattern as Moscow seeks to deal with impending European sanctions on its exports. India has moved from being an insignificant buyer of Russian crude to the second-biggest destination for shipments, behind only China.

As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores. Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas.

Almost 860,000 barrels a day of crude were loaded onto tankers at Russia’s western export terminals in the week to June 10 before heading to destinations in Asia. And the figure will almost certainly be revised higher once destinations become apparent for almost 210,000 barrels a day that are on vessels yet to show a final discharge point

The European Union has agreed a sixth package of sanctions in response to Russia's invasion of Ukraine, including a ban on imports of the country's crude by sea, which will come into effect in December. In the meantime, several refiners, shippers and traders are self-sanctioning Russian oil. Still, while traded has been diverted to Asia, so far the curbs are having little impact on the overall level of shipments.

Overall seaborne crude flows did slip in the seven days to June 10, giving up the gains of the previous week. A total of 34 tankers loaded 24.9 million barrels from the country’s export terminals, vessel-tracking data and port agent reports show. That put average flows at 3.55 million barrels a day, down by 10% from 3.94 million in the week ended June 3.

Russia’s Seaborne Crude Flows​

Flows in the week ending June 10 compared with week ending June 3

Source: Vessel tracking data monitored by Bloomberg
Note: b/d - barrels a day
Flows of Urals crude from terminals in the Baltic, Russia’s primary outlet, and the Arctic, were unchanged in the week to June 10. But both the Black Sea and the Pacific saw weekly volumes fall by almost one-quarter, or two ships in each case.

While shipped volumes fell by 10% in the week to June 10, Moscow’s revenue from export duty slipped even more, falling by $28 million, or 16%, to $152 million from a revised $180 million in the week to June 3. The dip in revenue reflects a lower per-barrel rate of export duty on shipments made in June, which applied to all shipments in the week to June 10, but only some in the week to June 3.

Duty rates fell by 10% between May and June, dropping to $44.80 a ton, equivalent to about $6.11 a barrel, from $49.60 a ton, or $6.81 a barrel, in May. That’s down from $61.20 a ton, or $8.30 a barrel in April. Duty rates have now fallen by 27% since April, reflecting the steep discounts that Russia is being forced to offer to secure new buyers for its crude in Asia.

Source
 
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Melanthus

Chief Minister (5k+ posts)
India has become the second biggest importer of Russia oil.The imported beggars of Pakistan are so scared of America they made no efforts to negotiate a deal with Russia.
 

Citizen X

President (40k+ posts)

Russia's Crude Flows to Asia Take Hold Near Unprecedented Levels​


800x-1.jpg


Russia’s seaborne crude flows are taking on a new pattern as Moscow seeks to deal with impending European sanctions on its exports. India has moved from being an insignificant buyer of Russian crude to the second-biggest destination for shipments, behind only China.

As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores. Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas.

Almost 860,000 barrels a day of crude were loaded onto tankers at Russia’s western export terminals in the week to June 10 before heading to destinations in Asia. And the figure will almost certainly be revised higher once destinations become apparent for almost 210,000 barrels a day that are on vessels yet to show a final discharge point

The European Union has agreed a sixth package of sanctions in response to Russia's invasion of Ukraine, including a ban on imports of the country's crude by sea, which will come into effect in December. In the meantime, several refiners, shippers and traders are self-sanctioning Russian oil. Still, while traded has been diverted to Asia, so far the curbs are having little impact on the overall level of shipments.

Overall seaborne crude flows did slip in the seven days to June 10, giving up the gains of the previous week. A total of 34 tankers loaded 24.9 million barrels from the country’s export terminals, vessel-tracking data and port agent reports show. That put average flows at 3.55 million barrels a day, down by 10% from 3.94 million in the week ended June 3.

Russia’s Seaborne Crude Flows​

Flows in the week ending June 10 compared with week ending June 3

Source: Vessel tracking data monitored by Bloomberg
Note: b/d - barrels a day
Flows of Urals crude from terminals in the Baltic, Russia’s primary outlet, and the Arctic, were unchanged in the week to June 10. But both the Black Sea and the Pacific saw weekly volumes fall by almost one-quarter, or two ships in each case.

While shipped volumes fell by 10% in the week to June 10, Moscow’s revenue from export duty slipped even more, falling by $28 million, or 16%, to $152 million from a revised $180 million in the week to June 3. The dip in revenue reflects a lower per-barrel rate of export duty on shipments made in June, which applied to all shipments in the week to June 10, but only some in the week to June 3.

Duty rates fell by 10% between May and June, dropping to $44.80 a ton, equivalent to about $6.11 a barrel, from $49.60 a ton, or $6.81 a barrel, in May. That’s down from $61.20 a ton, or $8.30 a barrel in April. Duty rates have now fallen by 27% since April, reflecting the steep discounts that Russia is being forced to offer to secure new buyers for its crude in Asia.

Source
But wait one patwari BC Rajarawal111 is saying nothing like this is happening, thats its all lies and propaganda.