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Russia Needs Home for Crude Upended Dec. 5 by EU Ban

OIL

Russia likely to struggle to find homes for crude shunned by Europe Dec. 5 according to Vortexa.

  • Total reshuffling needs may be about 1.1mbd, consisting of 700kbd of seaborne and 400kbd of pipeline flows to Europe.
  • Turkey has already upped the Russian share in its crude imports, now close to 60% from less than 30% in 2020.
  • Chinese and Indian initial uptick has proved inconsistent and is so far reliant on sizeable discounts to global benchmarks.
  • By 5 December, all seaborne imports of Russian crude in EU countries, except for Bulgaria, have to cease completely.

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