• 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
  • 17 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 7 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Europe Splurges on Russian Oil As EU Ban Nears

Ahead of the December 5th implementation of a European Union ban on seaborne imports of Russian crude, European buyers are now said to be buying up more Russian oil than they have in four months. 

Last week, seaborne exports of Russian crude oil to European buyers rose to their highest level since April, Bloomberg reports, citing vessel-tracking data. 

For the week ending August 19th, Bloomberg reports that total flows of Russian seaborne crude exports rose from 3.24 million barrels per day to 3.41 million barrels the previous week, and the bulk of that increase was to European buyers. 

Approximately 90% of Russian crude exports to Europe are seaborne. 

In June, the European Council adopted the bloc’s sixth package of sanctions, banning the purchase, import, or transfer of crude oil and certain petroleum products from Russia to the EU. The ban on crude oil goes into effect on December 5th, while the ban on other petroleum products goes into effect in February 2023. 

There are plenty of exemptions, however, including for those EU member states who are highly reliant on Russian oil and do not have viable alternatives. 

The increase in volumes of Russian crude to Europe over the past week tracked by Bloomberg largely went to the Mediterranean and Black Sea regions, as well as to northern Europe. Exports. Of the total flow, 140,000 bpd went to the Mediterranean. 

As December 5th draws closer, the price of Russia’s Urals crude has been trending higher as European buyers snap up new loads ahead of the ban, Reuters reports, citing traders. 

ADVERTISEMENT

Reuters also noted on Monday that Turkey has doubled its imports of Russian crude so far this year, citing Refinitiv Eikon data. 

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