• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 23 hours Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Asia and Africa Oil Imports Jump to Record High on Cheap Russian Crude

Asia and Africa, which replaced Europe as the primary destinations of Russian crude oil, rushed last year to import cheaper crudes from Russia, boosting Asian and African overall crude oil imports to record highs, according to tanker-tracking data from Kpler cited by Reuters.

After the EU and G7 embargoes and sanctions came into effect, Russia managed last year to divert most of its crude exports away from Europe and onto Asia and Africa.   

While Russian crude exports to Europe crashed in 2023, Russia’s shipments to Asia surged by 56% on the year, and soared by 144% to Africa, per Kpler data reported by Reuters columnist Gavin Maguire.

Asia is now the key outlet for Russian crude, with China and India taking most of the Russian oil cargoes. But many countries in Africa also imported Russian crude – at steep discounts – and those include Ghana, Libya, Tunisia, Togo, Egypt, Libya, Morocco, Senegal, and even Nigeria, OPEC’s largest oil producer in Africa.

The discounts of the Russian crude grades relative to international benchmarks incentivized a lot of purchases from both Africa and Asia. Russia’s flagship crude grade, Urals, has been trading at a discount of around $20 per barrel to Dated Brent for most of last year.

Thanks to its lower-priced crude, Russia became China’s largest oil supplier last year, selling it a record 107.02 million tons of crude, according to Chinese customs data. The total amount equaled a daily import rate of 2.14 million barrels, far ahead of Saudi Arabia, whose oil exports to China slipped to an average of about 1.7 million barrels per day (bpd) in 2023, the data showed.

India was the other country that saw Russia turn into its largest oil supplier last year, while the share of Europe in Russian oil imports dropped from around 45% to about 4-5%.

Together, China and India took in some 90% of Russia’s oil exports in 2023.


By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News