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India: India capitalises on Russian oil imports previously destined for Europe

NEW DELHI, 22 April 2022, (TON): According to data compiled by real-time energy cargo tracker, Vortexa “as European refineries shun away from Russia's flagship export crude, Urals, India has been picking up more of Russia's Black Sea and Baltic cargoes, motivated by large discounts.”

Russia exports its Urals from the Baltic ports of Primorsk and Ust Luga but to a lesser extent from the Black Sea port of Novorossisyk.

Vortexa said in a recent analysis "because of the larger proportion of Urals exported from the Baltic versus the Black Sea, the most dramatic changes for on-the-water volumes are being seen on the former.”

according to Vortexa “urals, with Baltics origin, have increased sharply since the start of Russia's war in Ukraine and reached 36 million barrels as of April 10, the highest on-the-water volumes since the second quarter of 2020 when global supplies peaked.”

Black Sea origin Urals has also grown while on-the-water volumes have grown more modestly to around 7 million barrels.

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