The week of 8 to 14 May 2023, Russian crude and oil products&chemicals revenues remain high, but the rise seen in recent weeks has been stemmed by lower oil prices.
The amount of crude and oil products loaded on water has slowly dropped in the most recent week, indicating that Russian oil has no trouble finding buyers. The amount of LNG on water continued to build, reaching the highest levels since the start of the invasion, signalling an ongoing glut.
The EU was the third largest importer of Russian fossil fuels, with China followed by India as the top two between 8-14 May. Saudi Arabia rose to the place of the fourth largest importer followed by Turkey as the fifth.
The week of 8 to 14 May, China imported crude oil, coal, pipeline gas, oil products&chemicals and LNG. India imported mostly crude oil and also coal. The EU imported pipeline crude oil and gas. Saudi Arabia imported crude oil and oil products&chemicals. Turkey imported oil products&chemicals, pipeline gas and coal.
Two of the top five ports importing Russian fossil fuels were in India, one in China, importing only crude oil. The other two largest ports were in the UAE and Singapore, importing large quantities of oil products&chemicals as well as crude oil too.
The top EU countries importing Russian fossil fuels were Hungary, Slovakia, Czech Republic, Austria and Italy.
The share of tankers covered by the price cap in crude oil shipments out of Russia stayed around 55%. For oil products&chemicals, the coverage of the price cap coalition is around 65%. For crude oil, the coverage is relatively stable for shipments departing from Russia’s Baltic, Black sea and Pacific ports. For oil products&chemicals the coverage is plateauing after a fall in April across ports.
Urals crude prices remained below the price cap level of USD 60, after falling last week. The East Siberia–Pacific Ocean (ESPO) and Sokol prices, mainly applicable to Chinese and Japanese purchases, remain above the price cap level at around USD 64–67 whilst G7+ owned and / or insured tankers remain lifting Russian oil in Pacific ports.
Shipments in the last week
The weekly update of Russian fossil fuel exports was prepared by Meri Pukarinen, Europe-Russia Policy Officer, CREA; and Jan Lietava, Data Scientist/Engineer, CREA.
|Note on methodology:|
From 2023‑04‑03, our weekly snapshot values are no longer seasonally corrected, which may lead to some
disparities between the preceding and following reports. We have also adjusted our time frame to show to‑
tals since the start of 2023 rather than the start of the invasion.
Dates featured are the date the arrival of the shipment was captured by our algorithm. 80% of arrivals for
shipments are found within 4 days of the arrival portcall in the specific port. For our oil products and chem‑
icals commodity group, please note this contains a wider range of items than just those specified in the cur‑
rent sanctions, as of 2022‑02‑05. More information at: