India purchased 40% of seaborn Russian Urals oil in November

India bought approximately 40% of all seaborne export volumes of Urals crude in November. According to Reuters and Refinitiv calculations, the state became the largest importer of black gold among other countries. At the same time, the statistics do not take into account the transit of KEBCO grade from Kazakhstan.

Despite the fact that Europe was previously considered the largest consumer of Urals seaborne oil, shipments of this grade in November amounted to slightly less than a quarter. Almost all the volume was delivered to the refineries, where the shares are owned by the Russian oil companies.

On December 5, the European Union imposes an embargo on seaborne oil supplies from Russia. According to traders, in December the volume of Urals oil supplies to Europe may significantly reduce. The reason for that is the embargo which bans even Russian companies from supplying Russian oil to their remaining oil refining assets in the EU.

Turkey is still the main buyer of Urals in the Mediterranean area.  According to Reuters calculations, deliveries to that country in November accounted for about 15% of all Urals sea exports.

In addition, several shipments of Urals oil are headed to Egyptian Port Said, where they are expected to be reloaded to larger tankers for further delivery to Asia and possibly China.