Russia increases its oil shipments to China, India| MENAFN.COM

Thursday, 09 February 2023 12:38 GMT

Russia increases its oil shipments to China, India


(MENAFN) Due to rising demand in Asia and increasing world energy costs, exports of Urals and Kazakhstan Export Blend Crude Oil (KEBCO) brands are anticipated to rise by 50 percent the current month in comparison to December, according to Reuters on Tuesday.

The outlet’s calculations and traders’ figures indicates that around 70 percent of Urals shipments leave the Baltic ports of Primorsk and Ust-Luga India. The third-largest oil consumer in the world has continued to be Russia’s top importer of crude for several months, benefiting from substantial discounts provided by Moscow. According to the outlet, Russian exports to India surged to a five-month high in December.

China, the second-largest consumer of Russian crude as of January, has increased its imports as well, indicating a resurgence in demand following the lifting of coronavirus limitations in the nation. Russia significantly increased oil shipments to China last year, surpassing Saudi Arabia, the nation's longtime top supplier. Over the first 11 months of the last year, crude shipments to China increased by 10.2 percent to 79.78 million tons.

MENAFN25012023000045014146ID1105474749


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.