IEA: 80% Russian oil exports went to India, China in May

[NG Missile Vessels]

NEW DELHI: India and China guzzled almost 80% of Russian crude exports in May as the global oil flow changed direction under G7 and European energy curbs on Moscow, according to the International Energy Agency.

“India has increased purchases from almost nothing to close to 2 mb/d (million barrels per day), while China has raised liftings by 500 kb/d (kilo barrel per day) to 2.2 mb/d. In May 2023, India and China accounted for almost 80% of Russian crude oil exports. In turn, Russia made up 45% and 20% of crude imports in India and China, respectively,” the agency’s 2022-28 market analysis and forecast said.

It said the embargoes on Russian energy supplies have also changed the direction of product flow from Russia to Europe. “Russia previously accounted for large import shares of naphtha, gasoil, fuel oil in Europe as well as feedstocks in the United States. Import replacements in these markets came from further afield, including North America, the Middle East and Asia. Russian volumes in turn were routed to Türkiye, East of Suez, Latin America and Africa.”

This, the report said, has had a negative impact on shipping as freights went up as “the call on available tankers to carry volumes over longer distances massively tightened the market for available capacity".

Indian refiners began lapping up Russian crude that became available at discount since February 2022 Ukraine conflict as European buyers shunned those barrels. The embargoes on Russian products also opened up a window for Indian refiners to raise export of refined products to Europe.

India, China bought 80 per cent of Russia's oil in May: IEA - ET EnergyWorld

Russian Oil: India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.

www.google.com

 

[Abdul Rehman Majeed]

View attachment 934727
NEW DELHI: India and China guzzled almost 80% of Russian crude exports in May as the global oil flow changed direction under G7 and European energy curbs on Moscow, according to the International Energy Agency.

“India has increased purchases from almost nothing to close to 2 mb/d (million barrels per day), while China has raised liftings by 500 kb/d (kilo barrel per day) to 2.2 mb/d. In May 2023, India and China accounted for almost 80% of Russian crude oil exports. In turn, Russia made up 45% and 20% of crude imports in India and China, respectively,” the agency’s 2022-28 market analysis and forecast said.

It said the embargoes on Russian energy supplies have also changed the direction of product flow from Russia to Europe. “Russia previously accounted for large import shares of naphtha, gasoil, fuel oil in Europe as well as feedstocks in the United States. Import replacements in these markets came from further afield, including North America, the Middle East and Asia. Russian volumes in turn were routed to Türkiye, East of Suez, Latin America and Africa.”

This, the report said, has had a negative impact on shipping as freights went up as “the call on available tankers to carry volumes over longer distances massively tightened the market for available capacity".

Indian refiners began lapping up Russian crude that became available at discount since February 2022 Ukraine conflict as European buyers shunned those barrels. The embargoes on Russian products also opened up a window for Indian refiners to raise export of refined products to Europe.

India, China bought 80 per cent of Russia's oil in May: IEA - ET EnergyWorld

Russian Oil: India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.

www.google.com

Russian Oil & Gas exports to India will drastically decrease now that Europe has decided that they will no longer buy Russian Oil & Gas through India rather through China.

 

[vikan]

Russian Oil & Gas exports to India will drastically decrease now that Europe has decided that they will no longer buy Russian Oil & Gas through India rather through China.

Is it by instinct you write such posts? Does writing anti India posts (pulling stuff literally and figuratively out of some anatomical hole in your body) come as naturally as breathing? No proofs no sources, just a post with no sense.

 

[INDIAPOSITIVE]

Up To India To Decide To Buy Russian Oil: US Amid PM Modi's Visit​

Up To India To Decide To Buy Russian Oil: US Amid PM Modi's Visit

White House National Security Council (NSC) Coordinator for Strategic Communications John Kirby said on Tuesday said that it is up to India to decide to buy Russian oil.

www.ndtv.com

 

[NG Missile Vessels]

NEW DELHI: India purchased almost 60% of all Russian Ural oil exports in June amid a strong demand from refiners even as China's consumption dropped to just 7%, Reuters reported quoting trading sources.

Urals is Russia's main export grade from its European ports and represents about a half of total Russian oil exports.

The country, subject to severe Western sanctions over its actions in Ukraine, also exports oil from its Pacific ports, its Arctic ports and via a direct pipeline to China.

Indian refiners are benefitting from good margins due to attractive prices offered by Russia for Urals

Russia has heavily relied on countries like India, China, Turkey and Bulgaria for oil sales since the imposition of sanctions following its invasion of Ukraine.

Data showed that Russian oil production cuts and higher refinery runs hit supplies of Urals to the Chinese and Turkish markets in June, while India retained its top share in purchases.

On Monday, Russia pledged to make an additional 500,000 barrel per day output and export cuts in August.

Urals oil shipments to India in June stood at about 60% of total Urals shipments, in line with May, according to Reuters calculations based on Refinitiv data and sources.

Overall India's imports of Russian oil hit a record 2.2 million barrels a day in June, rising for a 10th month in a row and exceeding the combined shipments from the next two largest providers Saudi Arabia and Iraq, according to Kpler data.

In May too, India had imported a record 1.95 million barrels per day from Russia, accounting for about 40% of the total supply of crude oil to the country.

Demand for Urals in India was supported by attractive pricing for the Russian barrels compared to competing Middle Eastern grades and lower freight rates from Russian ports.

According to Refinitiv data available to date, shipments of Urals oil to China from Russian ports and ship-to-ship (STS) locations fell to just 7% of Urals seaborne exports, down from 13% in May.

The fall in June-loading Urals supplies to China was due to weaker demand from Chinese independent refiners that held back from buying due to a shortage of crude import quotas.

India tops Russian Urals oil purchases in June as China's appetite declines - Times of India

India Business News: India purchased almost 60% of all Russian Ural oil exports in June amid a strong demand from refiners even as China's consumption dropped to just 7%,

m.timesofindia.com