February 25, 2024

The European Union has long relied on sea deliveries to receive the bulk of its Russian oil imports.
Beginnning Monday, those shipments fall under embargo and will stop by early January, following a grace period. Many Russian oil tankers are now heading toward Asia.
But can Asia make up the difference? In October, Russia exported almost 8 million barrels of crude oil and oil products, such as diesel, per day. Two and a half million of that went to the European Union, the bulk of it transported by sea. That’s down from before the war.
Crude exports have recently surged to other countries, especially India and China. In October alone, Russia transported the equivalent of 1.1 million barrels of crude to India every day. In January, it was just a mere 100,000 barrels. Crude exports to China have also increased.
Many experts believe that as the embargo approaches, Russia is gearing up to ship more and more crude directly to Asia.

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