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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
European crude imports by source – source: Vortexa
- By 5 December, all seaborne imports of Russian crude in EU countries, except for Bulgaria, have to cease completely.
- As of July and August 2022, Europe imports about 1.1mbd of seaborne Russian crude oil, mostly the flagship grade Urals, but also some Arctic and other grades – (this figure excludes CPC blend exports from Novorossiysk)
- The remaining big takers of Russian crude are the Netherlands and Italy, while Poland, Bulgaria and Romania.
- Europe’s dependency on Russian seaborne crude is surprisingly low at 8% currently - if accounting for Russian-port-loading crude, specifically CPC Blend, Europe’s dependency on Russia stands at 1.9mbd or 18%.
- Russia has a track record of interfering with loadings at the CPC terminal which is currently running at reduced capacity due to apparent mooring damage.
- Including Druzhba pipeline flows - 24% of European crude imports depend on Russia’s goodwill to supply Europe with crude.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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