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Russian Waterborne Crude Flows to Europe Thinning Ahead of Ban

OIL

Russian waterborne crude flows struggling to find same level of buying activity.

  • Flows to the big three buyers of Russian barrels — China, India and Turkey — peaked in June at 2.2 million barrels a day. In the four weeks to Sept. 30, that figure was down by about 350,000 barrels a day.
  • Russian crude flows towards Europe are also thinning ahead of the ban.
  • Russia is believed to be supporting a sizeable crude production cut at tomorrows OPEC+ meeting.

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