• 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 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry

World’s Top Oil Trader Ships First Russian ESPO Crude To UAE

Vitol Group, the world’s biggest independent oil trader, is shipping the first-ever cargo of Russia’s ESPO crude blend to the United Arab Emirates (UAE), Reuters reported on Wednesday, citing data from oil-flow tracking and analytics firms.   

The Kriti Breeze oil tanker loaded 740,000 barrels of Russia’s ESPO crude at the port of Kozmino in Russia’s Far East on Tuesday, May 3, per data from Refinitiv, Vortexa, and Kpler cited by Reuters. 

According to MarineTraffic tanker positioning data, the Kriti Breeze, traveling under the flag of Liberia, has already departed from Kozmino and is headed to the port of Fujairah in the UAE, with an estimated date of arrival May 25. 

Russia usually sells its ESPO crude blend to refiners in North Asia, traders tracking the grade’s flows told Reuters. 

The cargo is apparently “very creative and FOB (free-on-board) discounts must be huge for it to work,” one of those traders told Reuters. 

Some refiners in North Asian countries allied with the U.S. and the EU, such as Japan and South Korea, have joined the “self-sanctioning” drive of not importing Russian oil, which is most evident in Europe. 

Major international traders have already said they would either cut or phase out purchases of Russia’s crude in the coming weeks. Vitol itself plans to wind down its activities involving Russian crude oil by the end of this year, Bloomberg reported last month, citing a spokesman for the company.  

Meanwhile, the European Commission is working on additional energy sanctions against Russia over its invasion of Ukraine, with an oil import embargo now on the table. The EU could offer exemptions to Hungary and Slovakia who rely heavily on Russian oil, while Hungary has also said it would veto an embargo. 

ADVERTISEMENT

“We are working on the 6th package of sanctions which aims to de-swift more banks, list disinformation actors and tackle oil imports,” Josep Borrell, the EU’s High Representative for Foreign Affairs and Security Policy, tweeted on Tuesday.   

By Tsvetana Paraskova 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