Russian oil exports have fallen for 5 straight weeks and are down 13% since mid-June, as Asian customers trim purchases
Reuters/Edgar Su
- Russian oil exports have fallen for five weeks straight as customers in Asia pull back on purchases despite getting steep discounts.
- A rolling four-week average shows that shipments are down by 480,000 barrels a day since mid-June, according to data compiled by Bloomberg.
- Moscow's revenue from export duties fell to $155 million from $168 million.
Russian oil exports have fallen for five weeks straight as customers in Asia pull back on purchases despite getting steep discounts.
A rolling four-week average shows that shipments are now down by 480,000 barrels a day — a 13% decline — since mid-June, according to data compiled Bloomberg. Moscow's revenue from export duties fell to $155 million from $168 million.
Much of the export decline can be attributed to weakening demand from China and India, who previously ramped up oil purchases since Russia's invasion of Ukraine.
Although both countries still take in more than 55% of Russian seaborne oil exports, those customers are beginning to soften their appetite: Chinese demand was down by 52,000 barrels a day in the last four-week average compared to the prior period, and Indian demand fell by 18,000 barrels per day.
Meanwhile, Russia's oil shipments to northern Europe continue to rise, led by the filling of storage tanks in the Netherlands, according to Bloomberg. But shipments to the Mediterranean are falling.
The latest data come after a Bloomberg report last week found that Russia's crude shipments to China and India have fallen nearly 30% since they peaked after the war in Ukraine began.
That figure could deepen to show a 40% decline, depending on the destination of 4 million barrels that are currently in transit.
Contributer : Business Insider https://ift.tt/k0pCZVK
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