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IEA names main importers of Russia’s crude and products in August

BAKU, Azerbaijan, September 19. Russia’s
general quantity of oil exports skilled a month-on-month lower
of 150,000 b/d in August.

According to the info obtained by Trend from the International Energy Agency
(IEA), this decline was partially mitigated by a 120,000 b/d
improve in crude oil exports however was extra considerably influenced
by a 270,000 b/d drop in product exports.

Comparatively, Russia’s whole shipments in August remained
900,000 b/d under their ranges previous to the battle and exhibited
a year-on-year lower of 570,000 b/d.

Crude oil volumes noticed a minor uptick, with the discount in
seaborne commerce to China being compensated for by expanded exports
to India. It is price noting that China and India stay the
main purchasers of Russian crude; nevertheless, their mixed share
of purchases decreased to 75 % in August, down from an
common of 81 % noticed from January via May 2023, as
different patrons entered the market.

As the IEA identified, regardless of Russian crude costs surpassing
the value cap in August, it doesn’t appear to have considerably
influenced the selection of locations for these exports.

According to the IEA’s analysis, product exports proceed to be
robust, with notable locations together with the UAE, India, and
Brazil, though they’ve seen a decline in shipments to Saudi
Arabia and China. The lower in product deliveries has primarily
affected the Middle East, with a drop of 240,000 b/d to 210,000
b/d. It’s price noting that this determine might probably improve
since 250,000 b/d of products labeled as heading to “unknown”
places are nonetheless to be thought-about.

Shipments have eased to Türkiye, with a month-on-month lower
of 25,000 b/d to 470,000 b/d, and to India, down by 20,000 b/d to
120,000 b/d. However, because the company famous, product flows have
remained secure to Africa at 320 kb/d. China, India, Türkiye, and
the Middle East collectively account for roughly one-third of
Russian product exports. In some cases, these international locations use
these products to exchange their home provide, which they
subsequently export.




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