Stung by Western sanctions, Moscow is increasingly tapping risky ship-to-ship transfers
London — Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.
Russian exports were back to pre-invasion levels in April, according to data from the Paris-based International Energy Agency and oil prices have stabilised at about $110 after hitting a 14-year high above $139 a barrel in March. A complex patchwork of US, EU and British sanctions have prohibited Russian-owned or flagged ships from calling at ports, meaning that some of the increased trade to Asia is being facilitated via ship-to-ship transfer at sea — a costly process where the risk of spills is greater.Overall, the flow of Russian oil to Asia via the sea has jumped at least 50% since the start of the year, according to tanker-tracker Petro-Logistics and other data.
Gerber put the volumes of Russian crude and products being transferred between tankers in the Mediterranean at about 400,000 barrels per day , of which the majority is going to Asia, adding to the 2.3-million bpd going directly.Russian oil is loaded on Aframax or Suezmax tankers that carry fewer than 1-million barrels and it is transferred at sea to larger vessels that can take 2-million barrels, making shipping more cost effective, traders said.
Volumes of West African crude to India, meanwhile, have nearly halved, according to Gerber, with 280,000 bpd delivered in April from 510,000 bpd in March as Delhi switches to Russian supply.
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