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Russian Seaborne Crude Exports to Europe Still at 1mbpd

OIL

Russian seaborne crude exports to European are up from a low in late July of about 0.84mbpd to 1mbpd. Exports have fallen from over 1.5mbpd at the start of the year.

  • The European ban on Russian seaborne crude takes effect from Dec 5 although flows are likely to fall ahead of this time to ensure compliance.
  • Much of the existing fall in exports to Europe has been redirected to Asia but it remains to be seen if these remaining volumes will be redirected elsewhere or if the ban will result in a reduction in global market supplies.

Source: Bloomberg

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