Russia is dependent on India to sell oil, Turkey is the biggest buyer then China is also in the game!

New Delhi. Three countries that helped Moscow maintain crude exports after the invasion of Ukraine are returning to the market for Russian barrels, with Turkey taking the lead. According to a Bloomberg report, sales of Russian crude oil to Turkey, China and India have increased in recent weeks. These three countries are the destination of almost all tankers carrying Russian crude.

Crude oil deliveries from Baltic ports to China and India are running out amid EU sanctions, if tankers are to reach discharge terminals in eastern China before the deadline, leaving them either Primorsk or Ust-Luga. There is time till October 21 to do this.

Russian oil flows into China, India and Turkey reached 2.2 million barrels per day in June. However, Turkey’s shipments rose to an all-time high. At present, the volume of tankers reaching their destination is huge. Which is more than 450,000 barrels a day. This is a combined shipment to be sent to three countries. Meanwhile, fears of a supply crunch after the EU sanctions take effect have created panic among business houses and refineries to book storage tanks.

Russian oil exports grew on a four-week average basis, hitting the highest level since mid-August and exceeding 3 million barrels a day for the first time in five weeks, according to new data. Crude oil inflows into the Pacific, which showed a week’s high shipments on October 14, hit a four-week high of 1.04 million barrels per day.

Recently nine cargoes of ESPO crude were loaded, one of which is heading towards China. Another ship is going to India. At the same time, a supply of Sakhalin Blend Crude is also going to China.

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Tags: China, Crude oil, European union, India, Russia, Turkey