Russia's Seaborne Crude Flows Rise While EU Tussles Over Ban
Shipments hit four-week high as bloc tries to get sanctions done
Crude keeps flowing
Source: Bloomberg
Russia’s seaborne crude exports are flowing unabated, while the European Union searches for a sanctions deal. But Europe’s avoidance of the country’s supplies is forcing barrels on longer routes to willing buyers in Asia, with India the biggest market for crude from western Russia.
Overall crude shipments edged higher in the seven days to May 27, largely shrugging off mid-month EU restrictions that trading houses see as prohibiting them from dealing with Russian state energy companies. A total of 34 tankers loaded 25 million barrels from the country’s export terminals, vessel-tracking data and port agent reports show. That put average flows at 3.58 million barrels a day, up by 4% from 3.44 million in the week ended May 20.