Russian Exports: Quarterly Crude Shipments Steady at 5 Million b/d

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  • Russia’s average crude oil exports in the first quarter were 5 million b/d, a slight gain on the fourth quarter of 2022.
  • In March, total Russian fuel exports, including petroleum products, are estimated to have reached 8.2 million b/d, a level not seen since prior to the pandemic.
  • India has overtaken China as Russia’s largest crude buyer. Shipping data show the former is scheduled to import nearly 2.3 million b/d in April.
  • Preliminary April data indicate a slight decline in exports as China reduces purchases during refinery maintenance season.

Sanctions and restrictions notwithstanding, Russia’s exports of crude are irrefutably healthy. First-quarter deliveries, including those to Belarus, averaged 5 million barrels per day, up 150,000 b/d on the previous quarter and flat compared to whole-year 2022. Exports for the first 16 days of April are estimated at 4.85 million b/d, the downtick resulting from lower Chinese purchases as the country’s refineries undergo maintenance, concentrated in May and June.

Oil Supply, Oil Trade, Crude Oil
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