Russia Plans To Ship The Highest Amount Of Its Oil Products Since It Invaded Ukraine
Russia is currently on track in November to ship the highest amount of the country’s oil products since it invaded Ukraine in February 2022.
Per data received from Vortexa and compiled efficiently by Bloomberg, Russia shipped about 2.657 million barrels each day of oil products within the first three weeks of November all over the world, up from about 2.223 million for October and approaching about 2.938 million barrels shipped in 2022 (February), when Russia started the invasion.
Russia continues to be Europe’s greatest supplier of single refined oil products along with diesel-type fuel shipments to the EU and the UK, averaging about 1.34 million barrels per day in November, surpassed by 1.4 million that were shipped in April and 1.7 million that were sent in October.
Russia’s diesel-type shipments to Europe in November were approximately 50% of what Europe bought. This indicates that the continent heavily depends on Moscow ahead of the EU’s ban on Russia’s oil products in February 2022.
The embargo on refined products is expected to follow an EU embargo related to seaborne imports of Russia’s crude that takes effect from Monday.
But alternatives to Russia’s oil products will be challenging when the embargo kicks in. The US shipments to Europe have started surging, and restricted spare refining capacity indicates that there is only little additional margin to send in more.
References: Yahoo! Finance News,