Foreign news on May 4, tanker tracking data showed that Russia's seaborne crude oil exports in April rose 8% year-on-year to a 12-month high, as Indian refiners snapped up discounted Russian crude oil diverted from Europe due to sanctions. reached a record level.
According to S&P Global Commodities at Sea data, Russia's seaborne crude oil exports averaged 3.76 million barrels per day in April, the highest level since April 2022, compared with 3.1 million barrels per day before the Russia * Ukraine * conflict * 22% higher than the average.
Data show that India imported nearly 2 million barrels per day of Russian crude oil that month, an increase of 14% from March, setting a record high for Russian crude oil inflows.
Data show that more than 90 percent of Russia's crude oil exports go to Asia as trade flows have shifted since the outbreak of the Ukraine war.
S&P Global Commodity Insights analysts said Indian refiners' purchases of Urals crude remained steady over the past few months but increased purchases of other Russian grades such as ESPO Blend, Novy Port, Sokol, Siberian Light, even some arctic crude. Indian refiners have traditionally relied on crude imports from the Middle East, West Africa and the United States, and Russia will only account for 1% of their total imports in 2021.
Russia's exports to India surged despite narrowing discounts on Ural export grade crude oil.
But according to S&P Global analysts, Russia's crude oil exports to India have now reached the saturation point of local refining demand. Currently, Russian crude oil accounts for nearly 40% of India's crude oil imports, which is close to the maximum proportion of 40%-45% that refineries can process depending on the quality of crude oil.
***Petroleum Products***
Russian oil product exports fell 16% from April, according to tanker-tracking data. Russian oil product exports are the target of the latest round of Western efforts to curb Moscow's oil revenues.
Russia's seaborne product exports averaged 2.58 million bpd in April, down from a post-war high of 2.98 million bpd in March, as scheduled refinery maintenance slowed refined product production.
Turkey remains the biggest buyer of Russian oil products, while more middle distillates are shifting from European markets to Africa, the data showed.
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