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Russia’s oil exports multiplied in war

With the sale of Russian crude oil at a discount, India’s daily crude oil imports from Russia increased 14 times in the March-November period.

While Russia’s export of crude oil to India by sea increased 14 times during the war and 1.6 times to China, the purchases of Italy from the European Union (EU) countries that impose an embargo on Russian crude oil exported by sea doubled compared to the pre-war period. found to rise.

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According to the London-based real-time data tracking company Vortexa, many countries that did not buy crude oil from Russia before the war, or in small quantities, increased their imports. The Kremlin’s sale of crude oil at discounted prices, which resulted from countries such as the EU, the USA and the United Kingdom starting to reduce their fossil fuel imports from Russia due to Russia’s war in Ukraine, was effective in this increase, while the route of crude oil cargoes gradually changed.

Importing a maximum of 35,000 barrels of crude oil per day from Russia last year, India’s import amount was negligible in January and February 2022. With the sale of Russian crude oil at a discount, India’s purchases from this country increased in March 2022 and reached the level of 68 thousand barrels per day. India’s crude oil purchases from Russia increased continuously in the following months, reaching approximately 959 thousand barrels per day as of November 2022. Thus, India’s daily crude oil imports from Russia increased 14 times in the March-November period.

According to TankerTrackers.com data, India, which benefited from low prices even before the ceiling price of 60 dollars was applied to Russian oil, turns the less buyers in the market into an advantage for supply at cheap prices after the embargo decision of the EU on 5 December.

According to Vortexa data, imports of China, which is currently the largest buyer of Russian crude oil, increased from 670 thousand barrels per day in February 2022, when the war started, to 1.08 million barrels per day, increasing approximately 1.6 times as of November 2022. Russia’s crude oil exports to Turkey, on the other hand, tripled from 110 thousand barrels in this period to 327 thousand barrels last month.

 

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Cuba, which had a very limited amount of crude oil purchases from Russia in the pre-war period, imported 48 thousand barrels per day in October 2022 and 23 thousand barrels per day last month.

The Gulf country United Arab Emirates also joined the countries that increased their purchase of cheap Russian oil after the war, and imported 35,000 barrels per day in May 2022 from Russia, where it had not bought any crude oil since June 2020.

 

The embargo came into effect on 5 December.

The 6th sanction package, which included the ban on imports of oil transported by sea from Russia, adopted in June by the EU, which tried to reduce its crude oil imports after the war started by Russia in Ukraine, entered into force on December 5, with the completion of the transition period. Before the war, the EU imported about 25 percent of the oil it consumed from Russia, but with the entry into force of the sanction decision, almost 90 percent of the EU’s crude oil imports from Russia were terminated. Bulgaria was exempted from sanctions until the end of 2024 due to its economic problems.

  • The decision of EU countries to apply a ceiling price of 60 dollars per barrel to oil transported by sea from Russia came into effect on the same day. 
  • Italy’s crude oil purchases from Russia doubled from 163,000 barrels a day in February 2022 to 322,000 in November 2022. This figure had reached 443 thousand barrels per day in June 2022.
  • There is currently 500 thousand barrels of crude oil flowing from Russia to Germany and Poland via the Druzhba pipeline, which carries crude oil from Russia to the EU. This amount goes to Germany and Poland.

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