Number of crude oil tankers loading in Russian ports falls sharply

Kayrros, an energy and environmental geo-analytics company, highlighted in a recently issued report that the number of crude oil tankers at sea that loaded in Russian ports fell sharply in July 2022.

This development came as news reports signalled more ship-to-ship transfers, meaning less time spent laden at sea, and as some countries in Asia, including India, were showing high demand for discounted Russian crude oil, Kayrros outlined in the report.

According to a chart included in the report, containing data going back to just before March 2022, the number of crude oil tankers at sea that loaded in Russian ports stands at just under 110. This figure was at well over 120 near the beginning of August and near 130 back in June, the chart showed. The lowest figure in the chart can be seen around the end of March at just over 80 crude oil tankers.

Kayrros noted in the report that India has been a beneficiary of the reshuffling of Russian crude flows, adding that crude oil inventories in India in the week of August 1st reached their highest level since December 2021.

Kayrros stated in the report that: “The country has emerged as a prime outlet for Russian crude since the invasion.

“Crude tank capacity utilisation reached 62 percent at Indian refineries last week (week beginning July 25), from an all-time low of 54 percent at the beginning of April.”

In the report, Kayrros also noted that implied crude oil demand in China fell in June to levels not seen since the first Covid lockdowns or since 2018 as “state-run refiners took less crude and imports of Russian crude decreased after a peak in May.”

Kayrros stated in the report that: “This happened on the back of overall lower economic activity in China and heavy lockdowns, which have now eased.”

For more information visit www.kayrros.com