31 January 2023 | Demand

Asia has consumed a significant increase in exports of Russian crude oil Urals

Asia is not losing interest in Russian oil. According to data, this month not less than 5.1 million tons of Urals crude have been shipped from the Russian European ports of Primorsk, Ust-Luga and Novorossiysk to Asian markets. This grade compensates for a significant part of the growth in sea exports.

Another 1.9 million tons of this oil grade are waiting for distribution. Traders believe that most of it will also go to India or China.

Reuters calculations show that shipments of Urals crude to Asia in January could be about 2 million tons more than last month, amounting to about 7 million tons.

According to the data, the only buyers of this oil grade at European seaports remain Turkey and Bulgaria.

The growth in supplies of Urals crude to Asia goes along with the overall increase in sea shipments of oil from Russia. Oil loading from Primorsk and Ust-Luga in January is expected to reach the highest level in four years. It is expected to grow by 50% as compared with the previous month.

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