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OIL
Russian exports to Asia and Turkey increased to a record volume of 2.39mbpd while European imports (excluding Turkey) have started to decline ahead of the EU ban on Dec 5 according to Bloomberg vessel tracking data.
- Weekly total seaborne crude shipments from Russian fell to 2.9mbpd but the four week average is still up at 3.12mbpd.
- The increase in shipments to Asia is led by supply to China and India with smaller volumes also heading to Sri Lanka and UAE.
- The decline in European imports was mostly driven by a fall to northern European customers with supplies to Italy largely unchanged since July.
- Sanctions introduced in early December will ban the use of European tankers to ship Russian crude. The oil price cap will prohibit the insurance, brokerage, finance and vessel clarification unless the cargo was purchase below a yet to be decided price.
Source: Bloomberg
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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