Russia's crude oil exports at 11-month high in April, crosses OPEC target to support prices
Also Read: Explained | Why are crude oil prices elevated after OPEC+ policy decision and how will it impact India? Primorsk on the Baltic handled 10 tankers in three of the past four weeks, possibly reflecting a diversion to exports of crude that would have been processed at refineries hit by Ukrainian drones. The port hasn’t handled more than 11 tankers in a week in data back to the start of 2022. Refining rates are languishing near an 11-month low as repairs continue.
The jump in flows, combined with higher Urals crude prices, boosted Moscow’s oil earnings. The gross value of crude exports rose to $2.15 billion in the seven days to April 14 from $1.82 billion previously. Four-week average income added about $170 million to $1.92 billion a week.
Separately, four-week average shipments to Asia continued to climb, following a similar pattern to that seen at the same time last year. Then, shipments to Asia — predominantly China and India — peaked at 3.6 million barrels a day in the four weeks to May 14, before dropping by about 1 million barrels a day over the following three months. The backlog of Russia’s Sokol crude that built up after being turned away by Indian refiners has now almost disappeared.
About 9.1 million barrels, half of the total, have been delivered to refineries in China. Another 7 million barrels are finding their way back to India. Two cargoes have been delivered to Pakistan.
That leaves just 1.4 million barrels still to show a destination, with another 700,000 barrels in a tanker that’s been anchored off India’s east coast since the start of April. All of the Sokol cargoes loaded since mid-February headed directly to China. Russia’s seaborne crude flows in the week to April 14 surged by 560,000
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