Home Stock Market Who continues to be shopping for Russian crude oil By Reuters

Who continues to be shopping for Russian crude oil By Reuters

Who continues to be shopping for Russian crude oil By Reuters

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© Reuters. FILE PHOTO: A view exhibits railroad freight vehicles, together with oil tanks, in Omsk, Russia Might 1, 2020. REUTERS/Alexey Malgavko

(Reuters) – Australia, Britain, Canada and america have imposed outright bans on Russian oil purchases following Moscow’s invasion of Ukraine, however members of the European Union are break up.

EU overseas ministers did not agree on Monday on sanctioning Russian fuel and oil provides, which account for 40% and 27% of the bloc’s complete use of these commodities respectively.

Germany, the EU’s prime consumer of Russian and the Netherlands, a key buying and selling hub, argue that the EU can’t minimize its dependence on Russian provides in a single day.

Hungary opposed a ban on Russian vitality imports, whereas Bulgaria stated it could search an exemption if such a ban is accredited.

Some landlocked refineries in Jap Europe and Germany are nearly fully depending on Russian crude provides by way of pipelines.

Different patrons in Europe and elsewhere, nonetheless, shunned Russian crude voluntarily to keep away from reputational harm or attainable authorized issue, with merchants warning about potential provide shortages.

The chief executives of three of the largest vitality merchants — Vitol, Gunvor and Trafigura — stated their corporations have halted spot purchases of Russian oil, however had been seeing out present longer-term contracts.

Trafigura pegged misplaced Russian crude and merchandise to this point at between 2 million and a pair of.5 million barrels per day (bpd), whereas Vitol and Gunvor stated the decline was troublesome to calculate, however they didn’t anticipate the shortfall to exceed greater than 3 million bpd.

Final week preliminary knowledge urged that imports of Russian crude had been down by round 0.5 million bpd, which might widen to 1.5 million to 2 million bpd this and subsequent week, estimates by FGE consultancy confirmed.

Rystad Power stated on Monday that crude cargo departures from Russia’s essential western ports had been down by at the very least 1.5 million bpd because the invasion, and since March 12 there have been no departures reported.

Outdoors the EU, China and India, which have refused to criticise Russia’s invasion of Ukraine, continued to purchase Russia oil, in addition to Turkey, which is looking for to mediate between Kyiv and Moscow.

The next lists main takers of Russian crude:


Bulgarian refinery, owned by Russia’s Lukoil, and with Russian crude accounting to about 60% of its complete consumption, continues to refine Russian crude.


Russian crude continues to account for about 14% of the consumption at Germany’s largest refinery, Miro, which is 24% owned by Rosneft..


Germany’s refinery, 54% owned by Rosneft, receives crude oil by way of the Druzhba pipeline.


The land-locked Leuna refinery in japanese Germany, majority-owned by TotalEnergies, can also be fed Russian crude by the Druzhba pipeline.


Greece’s greatest oil refiner is counting on Russian crude for about 15% of its consumption. The corporate earlier this month secured extra provides from Saudi Arabia.


Italy’s largest refinery, owned by Lukoil-controlled Swiss-based Litasco SA, processes Russian and non-Russian crudes.


The Hungarian oil group, which operates three refineries in Hungary, Slovakia and Croatia, continues to be provided by the Druzhba pipeline. Hungary is against sanctions on Russian oil and fuel.

PKN Orlen

Poland’s largest refiner, which continues to purchase Russian crude for its refineries in Lithuania, Poland and the Czech Republic, stated it was making ready for an entire halt.

PKN has purchased at the very least three cargoes of Norway’s Johan Sverdrup crude in March to provide its refinery in Lithuania, changing Russian Urals, delivery knowledge confirmed.


The Dutch refinery, 45% owned by Lukoil, declined to touch upon whether or not it was utilizing Russian crude oil.


Exxon Mobil (NYSE:) declined to touch upon whether or not its Dutch refinery in Rotterdam was utilizing Russian crude oil.


India’s state refiner purchased 2 million barrels of Russian Urals for Might loading, in accordance with buying and selling sources final week.


India’s prime refiner has purchased 3 million barrels of Urals for Might supply, commerce sources stated.

The next lists people who have stopped shopping for Russian oil:


The British oil main, which is abandoning its stake in Rosneft, won’t enter new offers with Russian entities for loading at Russian ports, except “important for making certain safety of provides”.


Japan’s greatest refiner has stopped shopping for crude oil from Russia, whereas some cargoes signed underneath earlier agreements will arrive in Japan till round April.


The vitality group, 30.3% owned by the Italian authorities, is suspending purchases of Russian oil.

No Russian crude can be used at Germany’s Bayernoil refinery, during which Eni and Rosneft have stakes.


Norway’s majority state-owned vitality agency has stopped buying and selling Russian oil because it winds down its operations within the nation.


The Portuguese oil and fuel firm has suspended all new purchases of petroleum merchandise from Russia or Russian corporations.


The Finnish refiner has Russian oil contracts till the top of the yr, however will not be making any new provide agreements.


Sweden’s largest refiner, owned by Saudi billionaire Mohammed Hussein al-Amoudi, has “paused” new orders of Russian crude, which accounted for round 7% of its purchases, changing them with North Sea barrels.


The Spanish firm has stopped shopping for Russian crude oil within the spot market.


The world’s largest petroleum dealer will cease shopping for Russian crude and section out its involvement in all Russian hydrocarbons.


The French oil main, won’t signal new contracts, promising to cease shopping for Russian crude oil and petroleum merchandise by the top of this yr.


The Swiss refiner, which owns 51.4% in Germany’s Bayernoil refinery, stated it didn’t plan to enter into new offers to purchase Russian crude.

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