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Russian Crude Exports Fall To 2-Year Low In December


Russian seaborne crude exports fell to a two-year low in December as Moscow struggled to redirect oil to Asia, according to SP Commodity Insights.

  • Russian-origin crude oil loadings averaged 2.65mbpd in December, down by 14%, from November.
  • Russian crude export flows fell across the board with exports also falling to China, India and Turkey, which have become its biggest oil buyers since the war in Ukraine.
  • India remained the top destination for Russian seaborne crude with 1.1mbpd of imports.
  • More than 300kbpd loaded from Russian ports since 1 Dec are heading to unknown destinations.
  • The extent of Russia's access to the so-called 'shadow', or unregulated tanker and shipping markets, which could transport some of its oil exports under the radar of the G7 price cap, remains unclear. But Russia could still find sufficient shadow tankers to export its crude displaced from Europe, BRS Group shipping brokers said.

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