Seaborne shipments of Russian oil hit their lowest level since March last week, according to Bloomberg. Flows to Asia are down by about 500,000 barrels per day for the week ending August 26. Half of Russia’s crude exports have been going to customers in Asia since the war in Ukraine began. Loading Something is loading.
Russian shipments of crude oil sent by sea to Asia have fallen to their lowest level since March, according to data from Bloomberg.
Shipments fell by 500,000 barrels a day for the week ending August 26, with flows to Asia sinking to 1.59 million barrels per day.
Total shipments sank to 3.04 million barrels per day over the same period compared to 3.62 million barrels per day a week earlier.
Asia had stepped up purchases of Russian crude in the wake of the Kremlin’s invasion of Ukraine, which allowed buyers like India and Chin to snap up oil at a discount as Europe moved away from Russian flows.
Russian crude exports to the region have since steadily fallen since June, Bloomberg says, with roughly half of the Kremlin’s oil landing in Asia, down from 60% in April. India has been willing to purchase large amounts of Russian crude while other new buyers have only purchased in small quantities.
Elsewhere, Turkey has proven to be a strong customer for Russia, and sales in the Mediterranean market could strengthen once more sanctions take hold and hinder the Kremlin’s ability to conduct transactions globally in December.
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