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Russia Raises Arctic Crude Shipments To China, India

OIL

Russia is sending more crude oil produced in the Arctic region to China and India, and at steeper discounts, since the introduction to the G7/EU price cap and the EU’s sanctions on Russian seaborne oil, sources told Reuters.

  • Arctic crude exports to India has risen significantly since May, with a record 6.67mn barrels loaded in November and 4.1mn barrels in December, Refinitiv data showed.
  • At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed.
  • Arctic grades Arco, Arco/Novy Port and Varandey do not normally head to Asia but are now finding new homes after the EU, G7 nations and Australia introduced a price cap on Russian oil in December, on top of an EU embargo on Russian crude by sea.
  • Sellers are selling the Russian crudes at bigger discounts as they absorb higher shipping costs, sources said.
Energy BulletsCommodities
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