“China increases imports of Russian oil, India reduces to a three-year low – BloombergDespite pressure, Russian oil supplies remain stable. China has become the largest buyer, increasing purchases, while India has reduced them to their lowest level in over three years.
”, — write: unn.ua
DetailsAccording to vessel tracking data, volumes averaged 3.27 million barrels per day in the four weeks to February 1. This is slightly more than the revised figure for the period to January 25, but about 600,000 barrels per day less than the peak before Christmas.
Last month, Russian oil deliveries to Indian ports continued to fall, decreasing to approximately 1.12 million barrels per day from 1.2 million in December, making January’s import figure the lowest since November 2022. Indian refineries became a lifeline for Moscow’s oil exporters, taking on purchases of barrels that their European counterparts would not accept. The decline coincided with the EU’s ban on imports of petroleum products made from Russian oil.
Russian oil imports to the EU: the European Commission reminded Hungary and Slovakia of an important nuance10.11.25, 23:58 • 33570 views
Obstacles for exporters may soon become even higher if India fulfills an agreement with the US, potentially jeopardizing the Kremlin’s financial resources, the publication writes. According to US President Donald Trump’s interpretation, this agreement entails Washington lowering import duties on Indian goods, and New Delhi, among other things, will stop buying Moscow’s oil. The Indian Prime Minister did not mention Russian oil during the discussion of the agreement, and refineries are demanding clarification from the government, the publication notes.
Trump said India would stop buying Russian oil and increase purchases from the US02.02.26, 19:43 • 3434 views
The decrease in supplies to India is offset by an increase in volumes to China. Tracking data shows that 1.65 million barrels of oil per day were shipped to Chinese ports in January. This is the highest figure since March 2024 and the second highest monthly figure since Russia’s invasion of Ukraine in 2022.
Tankers that had been idle off the coast of Oman in recent weeks have mostly disappeared. Most of them have now headed to Indian ports after delays of up to six weeks, and two have passed through the Strait of Malacca to China.
Meanwhile, the volume of Russian oil stored at sea continues to grow, exceeding 140 million barrels for the third consecutive week. The rapid accumulation of Russian oil at sea led to an increase in volumes of approximately 60 million barrels between late August and mid-January.
After the French navy seized the tanker Grinch, there were no further actions against the “shadow fleet” of tankers carrying Russian oil, the publication notes. One of the two tankers that turned around while moving south along the Norwegian coast resumed its voyage after its name was changed to TK Scorpio.
Separately, the EU is considering lifting the price cap, above which European companies are prohibited from providing vessels or services for the transportation of Russian oil, in favor of a complete ban, regardless of the price.
EU considers replacing Russian oil price cap with full ban on maritime services – Bloomberg30.01.26, 19:39 • 4224 views
This move comes after the cap level was lowered from February 1 to $44.10 per barrel, compared to $60 per barrel.
EU lowers price cap on Russian oil15.01.26, 12:07 • 3994 views
Oil shipmentsAccording to vessel tracking data and port agent reports, 32 tankers loaded 23.64 million barrels of Russian oil in the week to February 1. The volume increased compared to 23.39 million barrels on 31 vessels the previous week.
On average, in the week to February 1, supply volumes increased to 3.38 million barrels per day, which is approximately 40,000 barrels per day more than the previous week.
Supplies are unstable and depend on weather, repairs, sanctions, and delivery times.
Separately, two batches of Kazakh Kebco crude were shipped from Novorossiysk during the week, and two more from Ust-Luga.
The increase in supply volumes last week was driven by increased supplies from the Black Sea and the Pacific Ocean, which more than offset the reduction in shipment volumes in the Baltic ports of Primorsk and Ust-Luga, the publication writes.
Export valueOn average over four weeks, Moscow’s gross export value for the 28 days to February 1 rose to $985 million per week, an increase of 6% compared to the period to January 25. The third consecutive increase in average prices was driven by heightened tensions in the Middle East, which led to rising prices for Russian oil alongside global benchmarks, as well as a small increase in flows, which boosted the value of supplies, the publication writes.
Using this indicator, export prices for Russian Urals crude from the Baltic Sea rose by approximately $1.90 to $40.34 per barrel, and prices for Black Sea oil also rose by approximately $1.90 per barrel to $37.84. The price of Pacific ESPO crude increased by $1.20, averaging $48.65 per barrel. Prices for deliveries to India rose by $1.40 to $57.63 per barrel, reaching their highest level in eight weeks. All prices are according to Argus Media.
On average for the week, the export value for the 7 days to February 1 was about $1.09 billion, which is $90 million more than the revised figure for the previous week. The small increase in flows was driven by higher prices.
Deliveries by destinationVolumes of Russian oil supplied to Asian buyers, including those not specifying a final destination, increased to 3.04 million barrels per day in the 28 days to February 1, compared to a revised figure of 2.96 million barrels for the period to January 25.
While volumes of Russian oil heading to China and India are sharply decreasing, volumes on vessels that have not yet specified a final destination have sharply increased, which may subsequently change this trend. Tankers are increasingly indicating intermediate destinations, such as Suez or Port Sudan, until they are far beyond the Arabian Sea, while some never specify a final destination even after mooring for unloading.
Vessels are also spending more time at sea, as several tankers deviate from their initial destinations on the west coast of India or Turkey. They are also delayed awaiting unloading in Chinese and Indian ports.
The volume of shipments by tankers heading to Chinese ports in the four weeks to February 1 was 1.06 million barrels per day, up from a revised figure of 1.03 million barrels per day for the period to January 25. The volume destined for India decreased to 350,000 barrels per day from a revised figure of 400,000 barrels per day for the previous period. But the equivalent of 1.63 million barrels per day is on vessels that have not yet arrived at their final destination.