In 2022, regardless of extreme sanctions, Russia’s crude oil exports have been increased than the 2021 ranges. While the European international locations have continued to supply their oil from Russia at ranges recorded in 2021, exports had been markedly increased to non-EU and non-G7 international locations equivalent to India. In simply previous 4 months, India has imported from Russia greater than half the worth of crude oil it did, prior to now 5 years put collectively
Moscow’s oil exports rise
The chart reveals weekly exports of Russian crude oil for 2021 (blue) and 2022 (pink). Following the invasion, Russia’s crude exports have been, on the whole, increased than 2021 regardless of sanctions imposed by many international locations
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Buyers put up struggle
In 2022 (pink), Russian crude oil exports to European international locations had been just like the degrees recorded in 2021 (pink). In distinction, Russia’s crude oil exports to non-EY and non-G7 international locations equivalent to China and India have surged this 12 months put up the invasion of Ukraine
Largest importers
The chart reveals the most important importers of crude oil from Russia, put up the invasion of Ukraine. Since February 24, 2022 India imported Russian oil price 3,619 million euros – sixth highest amongst all international locations
A back-of-the-envelope calculation reveals that the worth of crude oil imported by India prior to now 4 months amounted to $3.7 billion. Whereas India’s complete crude oil imports from Russia within the final 5 years had been $7.2 billion
India’s crude dependency
Traditionally, India sources its oil from West Asian international locations equivalent to Iraq, Saudi Arabia, and UAE. Between 2017 and 2021, India sourced only one% of its crude oil wants from Russia – which ranked 14th amongst India’s suppliers
BRUEGEL’S ship knowledge is from Genscape and is on the market utilizing the next aggregators: Bloomberg, CREA and MarineTraffic. CREA tracked ship voyages between ports in Russia and different international locations utilizing knowledge from MarineTraffic.com and Datalastic
Source: Russian crude oil tracker by BRUEGEL, Centre for Research on Energy and Clean Air (CREA)
Also learn: Data | How a lot of Europe’s fuel comes from Russia?
Source: www.thehindu.com
