Page 9 - AsianOil Week 09 2023
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AsianOil COMMENTARY AsianOil
Russian crude exports to India, March - November 2022, Monthly volumes, MMbbl
“Despite popular belief that China is getting vs. seaborne crude from Kozmino at $84/barrel.
large discounts on its purchases of Russian crude While India receives a discount for Pacific Ocean
oil, this appears to be incorrect. In fact, we calcu- shipments – as Russia is trying to gain alternative
late an average price of $84 per barrel based on customers through all available export channels
transactions reported to Russia’s customs service – it is significantly smaller (by $10-11/barrel),”
– with pipeline oil slightly cheaper at $81/barrel SSRN reports.
Post- embargo exports of Russian crude oil
The picture will not be clear until the Jan- of information on prices and volumes.
uary-to-March new customs data is released; “They are able to pretend they are selling the
as it takes a month for a tanker to steam from crude below the price cap, gain access to insur-
Russia those will be the first months that are ance services from the Western markets, and
affected by the EU embargos in December and collect additional revenues on the shipping leg,
February. thus compensating them for the shortfall cre-
Abandoning the Baltic means to abandon a ated by the formally low oil sale price,” Vaku-
well establish market that used to provide a lot lenko says.
Week 09 03•March•2023 www. NEWSBASE .com P9
