Asia for the first time overtakes Europe in terms of purchases of Russian oil

In April, Asia became the largest importer of Russian oil for the first time, overtaking Europe, Bloomberg reported, citing analysts at Kpler.
It is noted that "in May, this gap will increase."

According to analyst Jane Xie, the total volume of oil from Russia for the two largest buyers in Asia - India and China - rose to a record level, mainly due to increased purchases from India.

"While deliveries this month are likely to be slightly lower, they will still only be beaten by last month's record," says expert.

According to Kpler analysts, as of May 26, the tankers were transporting about 57 million barrels of the Urals oil and 7.3 million barrels of Russian Far East oil ESPO. At the end of February, the figures were at the level of 19 million Urals and 5.7 million ESPO.

According to Bloomberg, most of the tankers with Russian oil go to India and China, as other countries have limited imports due to the situation in Ukraine. At the same time, these Asian countries, according to experts, bought up millions of barrels at a bargain price.

Deliveries are increasing, despite a serious lengthening of the route. The way of the tanker from the western ports of Russia to China takes about two months one way.

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Author`s name: Petr Ernilin