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Russian Crude Outflows Structurally Reshape

OIL
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Between the start of the war on February 24 and June 2, a total of 290 oil tankers departed Russia for Asia, according to data from Refinitiv, up from 190 in the same period last year.

  • India, China and Turkey recorded the largest increases: nearly eightfold in the case of India, and 70% and 54% increases for China and Turkey, respectively.
  • The data shows a reshape in crude flows from Russia in light of sanctions as flows to the west tumble and Russia instead has begun sending more to the Asian market.
  • Russia was reported earlier this week to be boosting crude exports from the major eastern port of Kozmino. It has done so by increasing both piped and rail flows to the port to cater for the Asian market as it tries to reshape its crude export infrastructure which will continue to transition towards its eastern ports given western sanctions.


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Between the start of the war on February 24 and June 2, a total of 290 oil tankers departed Russia for Asia, according to data from Refinitiv, up from 190 in the same period last year.

  • India, China and Turkey recorded the largest increases: nearly eightfold in the case of India, and 70% and 54% increases for China and Turkey, respectively.
  • The data shows a reshape in crude flows from Russia in light of sanctions as flows to the west tumble and Russia instead has begun sending more to the Asian market.
  • Russia was reported earlier this week to be boosting crude exports from the major eastern port of Kozmino. It has done so by increasing both piped and rail flows to the port to cater for the Asian market as it tries to reshape its crude export infrastructure which will continue to transition towards its eastern ports given western sanctions.