Earlier this year, the USA, Great Britain and EU banned Russia’s hydrocarbons over Moscow’s special military operation in Ukraine. While the US’ ban came into effect in March, Britain vowed to phase out Russian oil imports by the end of 2022.

The EU is expected to stop buying all Russian crude oil delivered by sea (two-thirds of the bloc’s imports were Russian crude) from early December 2022 and to ban all Russian petroleum products from February 2023.

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Despite the volume of oil purchased by the West has been steadily decreasing since the beginning of the year, developing countries jumped in and picked up the baton.

In September, Indian Finance Minister Nirmala Sitharaman revealed that Russian oil had reached 12% of the country’s overall purchases of the commodity.

We speedily ramped up Russian oil imports from 2% to 12%, Sitharaman stated on September 8, 2022 at a Delhi event, as quoted by western press.

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In June 2022, India’s supply of Russian crude soared to nearly one million barrels per day, up from 800,000 barrels per day in May. In October 2022, Russia supplied 946,000 barrels per day of crude to the Asian giant.

China remained the largest buyer of Russian seaborne crude, importing a whopping one million barrels per day in October, 2022.

Beijing started to bolster its purchases of Russian oil after the military operation began: the People’s Republic imported 17% more Russian crude between April and July from the same period a year ago.

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For its part, Turkey doubled its imports of Russian oil this year from 98,000 bpd in 2021 to 200,000 bpd now, according to Refinitiv, a US-British provider of financial market data.

Sri Lanka, Pakistan, Bangladesh, Indonesia, and Cuba are also interested in purchasing Russian crude. In mid-November, Pakistani Finance Minister Ishaq Dar indicated that Islamabad overcame the United States’ opposition to the purchase of Russian oil.

Russia’s Primorsk and Novorossiysk ports, located in the Baltic Sea and Black Sea, respectively, are now largely used to transport the country’s crude to Asia, instead of Europe.

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Roughly a year ago, in December 2021, Moscow exported 7.8 million barrels per day (mb/d), of which crude and condensate accounted for 5 mb/d, or 64%, according to the International Energy Agency (IEA).

Even though Russian oil exports fell to 7.5 mb/d in September 2022, down 560 kb/d from pre-Ukraine conflict level, the country is still calling the shots on the energy market.

Russia’s main export blend is Urals. The country also exports substantial volumes of ESPO blend crude to Asia through the East Siberia-Pacific Ocean (ESPO) pipeline. Other grades include Siberian light, Sokol, Sakhalin blend, Arctic oil and Novy Port, according to the IEA.

Sputnik / ABC Flash-Point News 2022.

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Kidacom
Kidacom
Member
01-12-22 21:03

Everyone has agreed to screw Russia, it is in disagreement just how much. that seems bad for Russia no matter what….remarkable, your fellow slavs want to screw you the most!

Korol Koshek
Korol Koshek
Member
01-12-22 21:05

Sorry Troll, everybody who cares about their national sovereignty and freedom from Evil Empire America’s bullying BS are with Russia and China! Lol

Anonymous Coward
Anonymous Coward
Guest
Reply to  Korol Koshek
03-12-22 17:27

That’s wet dreams of Russian siloviks only. Nobody in his right mind wants to see more people experiencing what Ukrainians experience. Or live in a regime where even speaking up against the government lands you in prison, if not beaten to death – literally. Or poisoned. Or shot in plain daylight.