Russian oil continues to flow despite uncertainties over EU ...| MENAFN.COM

Tuesday, 31 January 2023 07:54 GMT

Russian oil continues to flow despite uncertainties over EU price ceiling


(MENAFN) In the seven days leading up to November 25, as the deadline for the European Union price cap drew near, the total daily volume of crude shipped from Russia recovered to 2.89 million barrels, according to a Monday report from Bloomberg.

In the four weeks leading up to November 25, the volume of crude on ships bound for China, India, and Turkey as well as the amounts on ships that have not yet indicated a final destination, increased once more to a new high of 2.5 million barrels per day. The volume shipped in the four weeks just before the start of Russia's military operation in Ukraine in late February was three and a half times higher than this.

Russian crude tankers are becoming "more cagey about their final destinations," according to Bloomberg. According to reports, the amount of crude carried by ships sailing from the Baltic to Port Said or the Suez Canal increased to almost 650,000 barrels per day. “It remains likely that most of these vessels will begin to signal Indian ports once they pass through the canal,” the media outlet predicted.

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