RT.com
25 Jan 2023, 04:13 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 InformationBEIJING, China: The Chaoyang District Intermediary Court in Beijing has begun compensation hearings for the Chinese relatives of those who ...
Israel resumed its military operation in the Gaza Strip on Friday with heavy bombardments. As strikes continue, the United States ...
LIVINGSTON, Kentucky: CSX railroad said that a failed wheel bearing on a train car caused a derailment on November 22 ...
HELSINKI, Finland: After Finland joined the North Atlantic Treaty Organization (NATO) earlier this year, hundreds of migrants from the Middle ...
CHISINAU, Moldova: Over the weekend, heavy snowfall and strong blizzards in Romania, Moldova and Bulgaria left one person dead and ...
WASHINGTON D.C.: After a House Ethics Committee report found substantial evidence that he broke the law, New York Republican representative ...
BANGKOK, Thailand: This week, Thailand's Deputy Finance Minister Krisada Chinavicharana said after a weaker-than-expected third quarter, the country will downgrade ...
NEW DELHI, India: On November 24, the Economic Times (ET) reported that Tesla is ready to invest up to $2 ...
Bhutan has reportedly been betting on cryptocurrencies for its financial futureBhutan, a South Asian nation nested in the Himalayas, has ...
(Photo credit: Alonzo Adams-USA TODAY Sports) During those games when the Los Angeles Lakers flash their full potential, the notion ...
New Delhi [India], December 1 (ANI): The Union Minister of Jal Shakti, Gajendra Singh Shekhawat released the Dynamic Ground Water ...
New Delhi [India], December 1 (ANI): Delhi Chief Minister Arvind Kejriwal is scheduled to meet the resilient rat miners who ...