Russia exports record amount of oil products to Asia in July
Photo: Russian oil export to Asia hit record high in July (Getty Images)
The maritime export of Russian oil products to Asia nearly doubled in July compared to the previous month, reaching a record level of 1.1 million tons, reports Reuters.
The export was also conducted via the Cape of Good Hope in Africa to avoid the shortest route through the Red Sea due to threats from the Yemeni Houthi group. This route was also used for shipments of fuel oil loaded in Russian Baltic ports Ust-Luga and Vysotsk, and low-sulfur diesel fuel from the port of Primorsk.
Asia is the main market for Russian fuel oil and naphtha since the European Union’s embargo on Russian oil products took effect in February 2023.
Market sources indicate that most of the exports consisted of oil - 0.83 million tons. The export was destined for India, China, Singapore, and Taiwan.
Meanwhile, most vessels carrying Russian oil products still prefer the shorter and faster route to Asia via the Suez Canal.
In 2024, at least three vessels with Russian oil products were attacked by Houthis, including an attack in May on the M/T Wind under the Panamanian flag and the Chios Lion under the Liberian flag, which in July loaded around 90,000 tons of fuel oil in the Russian Black Sea port of Tuapse.
According to LSEG and market sources, the total volume of oil products shipped from Western and Southern Russian ports in July was about 9 million tons.
It is worth noting that last month, Russian oil exports from major Western ports fell to their lowest level in almost 20 months, with the most noticeable reduction in supplies to China.
We also reported that Russia significantly reduced oil production in July, approaching its OPEC+ quota.
