Russian blood soaked export of crude oil has decreased

Monitoring group of the BlackSeaNews and Institute of Black Sea Strategic Studies head by Andriy Klymenko prepared profound analysis on the sea export of Russian crude oil from the ports of the Black and Azov seas.

In July 2022, for the first time in 4 months, the sea export of Russian crude oil from the ports of the Black and Azov seas significantly decreased.

In June it was about 4.3 million tons, whereas in July – about 3.35 million tons. The reductionwas 22.4%, or 960 thousand tons.

It is interesting that both the EU countries and other countries have decreased the Russian crude oil exports equally.

A decrease in crude oil exports to EU countries has been observed for the second month in a row, whereas a decrease in exports to other countries – for the first time since April 2022.

Interesting details on the export of oil products, destination countries, and carrier vessels will follow.

Trends in sea exports of oil products (except crude oil) from the RF ports in the Black and Azov seas in July 2022.

First, an explanation: the Russian Federation exports from the ports of the Black and Azov seas not only crude oil (which is receiving the main attention), but also oil products (fuel oil, gas oil, diesel oil…).

 We should not forget about oil products, because the monthly ratio between the crude oil and export volumes and the oil products export volumes is approximately 3:1 (see Chart 1 for July 2022). That is, 9.2 million tons of crude oil and 3.1 million tons of oil products were exported in June.

A bigger share of the oil products of the Russian Federation are still exported to the EU countries. But from May 2022, it began to decrease significantly, whereas the share of exports to “other” countries is increasing (to which exactly – in detail later).

About 2.1 million tons were exported to EU countries in May, whereas in July – 1.6 million tons. Accordingly, exports to “other” countries increased from 0.84 million tons in May up to 1.5 million tons in July 2022. However, the total volume of this export (unlike the export of crude oil) almost does not change – it remains at the level of 3 million tons per month.

We already reported that in July 2022, for the first time in 4 months, the sea export of Russian crude oil from the ports of the Black and Azov seas significantly decreased. In June it was about 4.3 million tons, whereas in July – about 3.35 million tons. The reduction was 22.4%, or 960 thousand tons.

Russian export of crude oil to EU countries in July, 2022. Source: BlackSeaNews.

So, which EU countries bought Russian crude oil in July 2022. The “Rating” looks like this:

1. Greece 541,563

2. Italy 414,185

3. Spain 232,026

4. Croatia 158,070

5. Malta 115,126

6. Belgium 73,382.

7. Slovenia 50,322

However, the permanent leaders of the “rating” – Greece and Italy – reduced the import of Russian crude oil by 394,202 and 246,973 tons, respectively. In fact, they formed a decrease of 0.5 million tons in July. But Spain, on the contrary, increased imports by 107,659 tons.

It will be interesting later – let’s talk about who is transporting this oil. Don’t switch.

#UkraineFrontLines

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