Thursday , 21 September 2023
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Global Economy

Russian crude oil: Europe boycotts, Asia buys

Almost four months after the Russian invasion of Ukraine, the oil flow of Russia's Ural crude oil has turned 180 degrees: from the traditional market of Europe to Asia, according to an energy research institute (Rystad Energy).

According to the report, since the beginning of the war, Indian imports of Ural crude oil have increased by 658 percent compared to 2021 levels, taking the average from March to May. China has roughly doubled its volume (205 percent), Asia has tripled its total (347 percent). According to media reports, China's imports of Russian oil rose 28 percent in May alone, helping Russia overtake Saudi Arabia as China's largest supplier.

Russian crude oil exports by sea to Asia have doubled from about 1 million barrels a day before the Russian invasion of Ukraine to about 2 million a day, according to energy market watchers (Kpler).


Russia got an estimated $20 billion in oil export revenue in May, up $1.7 billion from April, according to the International Energy Agency (IEA).

At the end of May, the EU states agreed on an oil embargo against Russia by sea because of the Ukraine war.

see below with AP, AFP

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