RT.com
24 Jan 2023, 23:43 GMT+10
January shipments have surged due to growing Asia demand
Oil exports of Urals and Kazakhstan Export Blend Crude Oil (KEBCO) brands are expected to surge by 50% this month compared to December, due to growing demand in Asia and soaring global energy prices, Reuters reported on Tuesday.
According to the outlet's calculations and traders' data, about 70% of Urals shipments set sail from the Baltic ports of Primorsk and Ust-Luga are heading to India. The world's third-biggest oil consumer has remained Russia's top importer of crude for several months, enjoying deep discounts offered by Moscow. In December, Russian exports to India surged to a five-month high, the outlet said.
China, the second biggest buyer of Russian crude as of January, has also ramped up its imports in a sign of a recovery in demand after Covid restrictions were lifted in the country. Last year, Russia substantially boosted oil deliveries to China, overtaking Saudi Arabia - the country's traditional top supplier. Crude shipments to China over the first 11 months of 2022 surged by 10.2% to reach 79.78 million tons.
Oil supplies from Russia and Kazakhstan via the Baltic ports will amount to 7.1 million tons this month, representing the highest level since 2019, Reuters said, citing loading data. Some 300,000 tons of crude will be loaded on top of that to compensate for December delays, when the export plan was not completed.
Russia loaded 4.7 million tons of Urals and KEBCO from Baltic ports last month, according to traders and Refinitiv tracking data.
Following the imposition of Western sanctions last year, Kazakhstan renamed oil it exports using Russian ports from Urals to Kazakhstan Export Blend Crude Oil (KEBCO) to avoid the risk of becoming a target for restrictions and facing problems with financing.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Shanghai Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.
More InformationRIO DE JANEIRO, Brazil: Starting June 1, Rio de Janeiro's Mayor Eduardo Paes has issued a new set of rules for the city's beaches that...
WASHINGTON, D.C.: In a significant shift to federal vaccine guidance, the U.S. government will no longer recommend routine COVID-19...
KATHMANDU, Nepal: Using xenon gas treatment and new technology is making climbing Mount Everest faster and better for the environment...
CAIRO, Egypt: Egypt has revealed three newly discovered tombs in the Dra Abu al-Naga necropolis in Luxor. These tombs, found by Egyptian...
TOKYO, Japan: As global inflation remains stubborn and growth prospects dim, central bankers from around the world gathered in Tokyo...
HONOLULU, Hawaii: A man from Oregon, Oliver Widger, has arrived in Hawaii after sailing across the ocean with his cat, Phoenix. He...
YOKOSUKA, Japan: Facing mounting losses and global restructuring, Japan's Nissan Motor Corp. is turning to its unique e-Power hybrid...
In the early 1980s, after witnessing opportunities in Asia, Barry Pearton saw a clear gap in Australia's media market. Without nothing...
SAO PAULO, Brazil: Amid a surge in electric vehicle (EV) adoption and growing competition in Brazil, Chinese automaker GAC has officially...
BEIJING, China: China's Lenovo reported a steep 64 percent drop in fourth-quarter profit, falling significantly short of analyst expectations...
SINGAPORE, May 31 (Xinhua) -- The 22nd edition of the Shangri-La Dialogue, Asia's premier defense and security summit, opened here...
Chachoengsao [Thailand], May 30 (ANI): After successfully completing the gruelling Dakar Rally, seasoned Indian rally driver Sanjay...