China and India now form the backbone of crude oil purchases from Russia
New buyers are more urgent as a ban on seaborne imports into Europe, previously Russia’s core market, starts in three weeksA tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay in Russia, August 12 2022. Picture: REUTERS/TATIANA MEEL
China and India form the backbone of the trade, with minor volumes heading to places such as Sri Lanka and the United Arab Emirates. Total cargoes shipped from Russia fell to a three-week low of 2.9-million barrels a day in the seven days to November 11, while the less volatile four-week average was also down, though it remained above 3-million barrels a day for a fifth week. That contributed to the Kremlin’s revenues from the oil trade dropping to the lowest since early January.
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