As if nothing had happened, Russian oil buyers are back on the market. In particular by using shipments to the ports of Turkey and Italy. This is reported by the Bloomberg agency based on data Monitoring the movements of oil tankers. Technically, by the way, the European embargo on Moscow crude oil comes into force in four months. Arrivals at Italian and Turkish airports rose to their highest level in the last period in the first week of August, while shipments to northern Europe’s ports fell. It must be said that the Italian figure is somewhat skewed by the presence in Sicily of the refinery to which it belongs Lukoil Russian. Previously, the parent company used the facility to process oil from various sources, but after sanctions restricted its operations, it ships it to the island instead only “his” oil. Russian crude oil tankers are back also in Spain with the first batch delivered since last April Bilbao. And also a ship loaded with “Ural” arrived Greece.
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As Bloomberg recalls, Russian oil supplies have stabilized 500,000 barrels a day (about half a billion dollars in today’s prices), an amount not very different from before the invasion of Ukraine. In the first week of August, arrivals in northern ports were reduced to about 300 thousand barrels, however, compensated by the Recreation in the Mediterranean and to other destinations. In the north, mainly oil comes in Holland (240,000), Poland (50,000) and Finland (3,000 barrels). In the Mediterranean ports, on the other hand, they rose from 730,000 to 810,000. The barrels unloaded in Italy are over from 410,000 to 470,000. Those in Turkey from 240 to 270 thousand. Italy is the country that sees the biggest increase in arrivals from April.
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In some cases, thanks to “camouflage” techniques, oil is not officially registered as Russian. Crude oil can be initially sold to a foreign branch and then to Western operators, or it can be blended with oils from other sources. A practice in which even large European mineral oil companies such as e.g British Shell. From April, exports to Asia have increased, while those to Europe have not experienced any major changes. China and India They are giants very hungry for Russian oil, which is being sold at discount prices precisely because of the complications associated with sanctions and its ‘stigma’. Recently, it has even been importing crude oil from Moscow Saudi Arabia, the world’s largest oil exporter. Arabia takes advantage of the low prices for Russian crude oil to refine it and resell the derived products in Western markets, increasing profit margins.
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