Free Trial
ENERGY

US Production Increase Slower than Rig Count

UK

Week Ahead

US 10YR FUTURE TECHS

(U2)‌‌ Watching Trendline Support

OIL

Guyana Oil Exports Surging

STIR FUTURES

Fed Hike Path Keeps To Payrolls Surge Higher

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Asian Imports of Russian Oil Rise 4.5 Times: Rystad

OIL

Asian countries scaled up Russia’s Urals oil blend imports by 4.5 times in annual terms from March to May 2022 based on Rystad Energy research.

  • Based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%.
  • With Urals having a similar profile to Middle Eastern oil grades and an advantageous lower sulfur content, Indian refiners have swapped Middle Eastern crudes in favor of Urals for their refinery processing. So long as the Urals discount is maintained, it will have a huge margin advantage over alternative crude grades, meaning Indian refiners are likely to maximize Urals imports according to Rystad.
  • Since European refiners started shunning Russian oil in late February, Russian crude oil imports to Europe saw a drop of 554,000 bpd from 2.04 million bpd to 1.49 million bpd between March and May, the company noted. At the same time, Russian-origin oil imports by Asian refiners (including China) saw a corresponding 503,000-bpd increase from the January-February 2022 average of 1.14 million bpd to a March-May average of 1.517 million bpd.
196 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Asian countries scaled up Russia’s Urals oil blend imports by 4.5 times in annual terms from March to May 2022 based on Rystad Energy research.

  • Based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%.
  • With Urals having a similar profile to Middle Eastern oil grades and an advantageous lower sulfur content, Indian refiners have swapped Middle Eastern crudes in favor of Urals for their refinery processing. So long as the Urals discount is maintained, it will have a huge margin advantage over alternative crude grades, meaning Indian refiners are likely to maximize Urals imports according to Rystad.
  • Since European refiners started shunning Russian oil in late February, Russian crude oil imports to Europe saw a drop of 554,000 bpd from 2.04 million bpd to 1.49 million bpd between March and May, the company noted. At the same time, Russian-origin oil imports by Asian refiners (including China) saw a corresponding 503,000-bpd increase from the January-February 2022 average of 1.14 million bpd to a March-May average of 1.517 million bpd.