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Asia Soaking Up Russian Barrels in January

OIL

Asian buying demand for Russian oil rose higher this month helping Moscow cope with most Western buyers now avoiding its barrels.

  • At least 5.1 million tonnes of Urals are being shipped from Russia’s European ports of Primorsk, Ust-Luga and Novorossiysk to Asia in January according to Refinitiv.
  • Another 1.9million tonnes of Urals has no destination but is expected to head to China.
  • Combined, the volumes to Asia are up by about 2 million tonnes from December.
  • Turkey and Bulgaria are the only buyers at European seaports this month.
  • Crude loadings from Primorsk and Ust-Luga this month are set to rise 50% from December to above 7 million tonnes - the highest in four years.
Energy BulletsCommodities
Energy BulletsCommodities

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