Russia ships half its Oct 1-20 seaborne Urals oil exports to Asia ahead of EU embargo

Novorossiysk Commercial Sea Port PAO

28/10/2022 18:14

MOSCOW, Oct 28 (Reuters) - Russia ramped up seaborne
Urals oil exports to Asia to 50% of the total over the Oct. 1-20
period ahead of a December EU embargo on the state's oil and
products, according to traders and Refinitiv Eikon data.
    EU countries which have been primary consumers of Russian
crude oil for decades will stop buying it from Dec. 5 due to the
embargo imposed by the bloc. 
    Bulgaria is the only state allowed to continue seaborne
imports beyond the date, while Hungary, Slovakia and the Czech
Republic will continue buying via pipeline. 
    Russian Urals oil shipments to Asia rose to 2.08 million
tonnes during Oct. 1-20, up 8% compared to the same period last
month, according to Refinitiv Eikon data and traders. 
    Urals loadings to India over the period are set at 1.38
million tonnes, down from 1.72 million tonnes in the same period
of September, supplies to China rose to 0.3 million tonnes from
just 0.1 million tonnes, while the final destination of 0.3
million tonnes of the grade shipping to Asia was still unclear.
    At the same time Russia reduced seaborne Urals supplies to
EU countries by 22% to 1.1 million tonnes, Reuters calculations
showed.
    Overall oil exports and transit from Russia's Western ports
of Primorsk, Ust-Luga and Novorossiysk over the period rose by
1% from the same period last month to 5.38 million tonnes.
    Still, demand for discounted Russian barrels in EU countries
in October remained high, according to trade sources.
    "October volumes clear smoothly both in Europe and beyond,
but Russia's exports in November and by the end of the year
raise serious concerns," a source with a Western major said.
    Oil shipments to countries in Europe which did not join the
sanctions or have received exemptions rose by 6% over Oct. 1-20.
Deliveries to Bulgaria rose to 0.48 million tonnes from 0.4
million tonnes and to Turkey, to 0.94 million tonnes from 0.88
million.
    India and Turkey retained their leading positions as buyers
of Urals over the nearly three week period, while the growing
presence of Russian companies in the freight market helped the
supplies, traders said.
 (Editing by Kirsten Donovan)