China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine

[beijingwalker]

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine​

Phil Rosen
Apr 15, 2023, 12:35 AM

Sergei Karpukhin/Reuters

• Russia's exports of crude oil have now surpassed the volumes hit before its invasion of Ukraine.
• China and India account for roughly 90% of Russia's seaborne crude exports, Kpler data shows.
• With Europe largely out of the picture, the two countries are each buying 1.5 million barrels a day from Russia.

Russia has been able to navigate Western sanctions well enough to push oil exports above levels reached before its war on Ukraine — and new data suggests that Moscow has China and India to thank for that.

In the first quarter, Russia's seaborne crude oil exports totaled 3.5 million barrels per day versus 3.35 million barrels in the year-ago quarter, the tail end of which saw the start of Russia's war on Ukraine.

China and India now account for roughly 90% of Russia's oil, with each country snapping up an average of 1.5 million barrels per day, according to commodities analytics firm Kpler,

That's enough to absorb the shipments that no longer head to European nations, which used to account for nearly two-thirds of Russia's crude exports. Europe now takes in only 8% of Russia's oil exports, per Kpler.

"Both China and Russia are taking advantage of discounted Russian crude, benefiting from the sanctions applied on Russian materials by other countries," Matt Smith, lead oil analyst at Kpler, told Insider Friday.

Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude.

Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021. That's since climbed to 36%, Kpler data shows.

India, the world's third-largest oil importer, relied on Russia for about 1% of its total volumes prior to the war, but now buys 51% of its oil from Russia.

The US has led Europe and other Western nations in imposing sanctions and energy price caps on Russia, designed to maintain market flows while curtailing Moscow's export revenue.

European Central Bank calculations show trade volume between the euro area and Russia has halved since February 2022, with the bloc's imports of Russian imports seeing particularly steep declines following the bans on coal in August 2022, crude oil in December 2022, and refined oil products in February 2023.

The ECB chart below shows a similar pattern illustrated in Kpler's data, with Russian seaborne crude exports shifting toward Asian buyers and away from Europe.

To be sure, the revenue Russia generates from its energy exports has fallen along with the drop in prices, even as volumes remain elevated.

The International Energy Agency said Friday that Moscow's revenue is down about 43% compared to the same time last year.

But oil prices are heading back up as China's reopening economy drives demand while OPEC and Russia pinch supplies.

Earlier this month, OPEC+ announced a surprise production cut of over 1 million barrels a day, with Russia extending its 500,000-barrel-a-day pullback through mid-2023.

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine

India alone has gone from being a sporadic buyer of Russian crude to now relying on Russia to meet roughly half its total oil imports.

markets.businessinsider.com

 

[dbc]

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine​

Phil Rosen
Apr 15, 2023, 12:35 AM

Sergei Karpukhin/Reuters

• Russia's exports of crude oil have now surpassed the volumes hit before its invasion of Ukraine.
• China and India account for roughly 90% of Russia's seaborne crude exports, Kpler data shows.
• With Europe largely out of the picture, the two countries are each buying 1.5 million barrels a day from Russia.

Russia has been able to navigate Western sanctions well enough to push oil exports above levels reached before its war on Ukraine — and new data suggests that Moscow has China and India to thank for that.

In the first quarter, Russia's seaborne crude oil exports totaled 3.5 million barrels per day versus 3.35 million barrels in the year-ago quarter, the tail end of which saw the start of Russia's war on Ukraine.

China and India now account for roughly 90% of Russia's oil, with each country snapping up an average of 1.5 million barrels per day, according to commodities analytics firm Kpler,

That's enough to absorb the shipments that no longer head to European nations, which used to account for nearly two-thirds of Russia's crude exports. Europe now takes in only 8% of Russia's oil exports, per Kpler.

"Both China and Russia are taking advantage of discounted Russian crude, benefiting from the sanctions applied on Russian materials by other countries," Matt Smith, lead oil analyst at Kpler, told Insider Friday.

Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude.

Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021. That's since climbed to 36%, Kpler data shows.

India, the world's third-largest oil importer, relied on Russia for about 1% of its total volumes prior to the war, but now buys 51% of its oil from Russia.

The US has led Europe and other Western nations in imposing sanctions and energy price caps on Russia, designed to maintain market flows while curtailing Moscow's export revenue.

European Central Bank calculations show trade volume between the euro area and Russia has halved since February 2022, with the bloc's imports of Russian imports seeing particularly steep declines following the bans on coal in August 2022, crude oil in December 2022, and refined oil products in February 2023.

The ECB chart below shows a similar pattern illustrated in Kpler's data, with Russian seaborne crude exports shifting toward Asian buyers and away from Europe.

To be sure, the revenue Russia generates from its energy exports has fallen along with the drop in prices, even as volumes remain elevated.

The International Energy Agency said Friday that Moscow's revenue is down about 43% compared to the same time last year.

But oil prices are heading back up as China's reopening economy drives demand while OPEC and Russia pinch supplies.

Earlier this month, OPEC+ announced a surprise production cut of over 1 million barrels a day, with Russia extending its 500,000-barrel-a-day pullback through mid-2023.

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine

India alone has gone from being a sporadic buyer of Russian crude to now relying on Russia to meet roughly half its total oil imports.

markets.businessinsider.com

....but revenue is down 43%

 

[beijingwalker]

....but revenue is down 43%

That was last year when China was under strict covid lockdown, China's economy also slowed so was the the whole world's, backing to the pre war level is about the first quarter in 2023.

 

[Chute]

....but revenue is down 43%

Yup, people don't pay attention that there is far less margin on crude than refined petroleum that has seen drop from Russia (given India and China dont have demand for refined stuff given they have their own capacity at home).

I believe only Turkiye is purchasing refined petroleum from Russia in any serious amount and that will simply not make up what Russia lost w.r.t larger markets.

Hence Russian total revenue is going to be under a big squeeze going forward inevitably.

 

[dbc]

That was last year when China was under strict covid lockdown, China's economy also slowed so was the the whole world's, backing to the pre war level is about the first quarter in 2023.

it's 2023 decline in revenue vs 2022 same period. Nothing to do with COVID. It's deeply discounted Russian crude - enjoy.

 

[大汉奸柳传志]

I just hate that India is getting such a free ride

 

[MeFishToo]

Yup, people don't pay attention that there is far less margin on crude than refined petroleum that has seen drop from Russia (given India and China dont have demand for refined stuff given they have their own capacity at home).

I believe only Turkiye is purchasing refined petroleum from Russia in any serious amount and that will simply not make up what Russia lost w.r.t larger markets.

Hence Russian total revenue is going to be under a big squeeze going forward inevitably.

Refined russian products are also being redirected towards Africa and Asia. It remains to be seen if Russia is actually getting paid.

 

[chinasun]

Russia's economy forecast to grow 1.3% this year
A document leaked by the U.S. military listed 16,000-17,500 Russian casualties and as many as 71,000 Ukrainian casualties. Ukrainian casualties were 3 times that of Russia. This is too different from Western media propaganda.

 

[MeFishToo]

Russia's economy forecast to grow 1.3% this year
A document leaked by the U.S. military listed 16,000-17,500 Russian casualties and as many as 71,000 Ukrainian casualties. Ukrainian casualties were 3 times that of Russia. This is too different from Western media propaganda.

Lets take a look at the original, and not the photoshopped pro russian version: Total assessed loses

 

[beijingwalker]

Russia's economy forecast to grow 1.3% this year
A document leaked by the U.S. military listed 16,000-17,500 Russian casualties and as many as 71,000 Ukrainian casualties. Ukrainian casualties were 3 times that of Russia. This is too different from Western media propaganda.

The one who has more fire power always suffers less casualties.

 

[Sam6536]

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine​

Phil Rosen
Apr 15, 2023, 12:35 AM

Sergei Karpukhin/Reuters

• Russia's exports of crude oil have now surpassed the volumes hit before its invasion of Ukraine.
• China and India account for roughly 90% of Russia's seaborne crude exports, Kpler data shows.
• With Europe largely out of the picture, the two countries are each buying 1.5 million barrels a day from Russia.

Russia has been able to navigate Western sanctions well enough to push oil exports above levels reached before its war on Ukraine — and new data suggests that Moscow has China and India to thank for that.

In the first quarter, Russia's seaborne crude oil exports totaled 3.5 million barrels per day versus 3.35 million barrels in the year-ago quarter, the tail end of which saw the start of Russia's war on Ukraine.

China and India now account for roughly 90% of Russia's oil, with each country snapping up an average of 1.5 million barrels per day, according to commodities analytics firm Kpler,

That's enough to absorb the shipments that no longer head to European nations, which used to account for nearly two-thirds of Russia's crude exports. Europe now takes in only 8% of Russia's oil exports, per Kpler.

"Both China and Russia are taking advantage of discounted Russian crude, benefiting from the sanctions applied on Russian materials by other countries," Matt Smith, lead oil analyst at Kpler, told Insider Friday.

Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude.

Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021. That's since climbed to 36%, Kpler data shows.

India, the world's third-largest oil importer, relied on Russia for about 1% of its total volumes prior to the war, but now buys 51% of its oil from Russia.

The US has led Europe and other Western nations in imposing sanctions and energy price caps on Russia, designed to maintain market flows while curtailing Moscow's export revenue.

European Central Bank calculations show trade volume between the euro area and Russia has halved since February 2022, with the bloc's imports of Russian imports seeing particularly steep declines following the bans on coal in August 2022, crude oil in December 2022, and refined oil products in February 2023.

The ECB chart below shows a similar pattern illustrated in Kpler's data, with Russian seaborne crude exports shifting toward Asian buyers and away from Europe.

To be sure, the revenue Russia generates from its energy exports has fallen along with the drop in prices, even as volumes remain elevated.

The International Energy Agency said Friday that Moscow's revenue is down about 43% compared to the same time last year.

But oil prices are heading back up as China's reopening economy drives demand while OPEC and Russia pinch supplies.

Earlier this month, OPEC+ announced a surprise production cut of over 1 million barrels a day, with Russia extending its 500,000-barrel-a-day pullback through mid-2023.

China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine

India alone has gone from being a sporadic buyer of Russian crude to now relying on Russia to meet roughly half its total oil imports.

markets.businessinsider.com

India and China is buying it at or below 60 dollars per barrel which is the cap set by the west.
While the total oil sold is back at pre war levels but not the profit.

I just hate that India is getting such a free ride

Thanks to our foreign policy planners.