The flow of Russian crude to Asia is displacing some Mideast supply
Russian crude displacement impacts Mideast producers
Flows of Urals crude to Asian importers—in particular India—have spiked since Russia’s invasion of Ukraine, according to price reporting agency GX
Additional supplies of Russian Urals crude have displaced some Mideast Gulf oil in Asia since the Ukraine invasion and encouraged more of those Mideast grades to go west to Europe, says Chen Ee Woon, energy analyst at price reporting agency General Index (GX). The flow of additional Urals crude to Asia is new, and India—which has not sanctioned Russian oil—is the largest buyer of those spot cargoes, he continues. India has taken around 40mn bl of Urals crude since the start of the war, GX data shows. By contrast, Chinese state-owned refiners are reportedly more risk-averse and not seeking more Urals supply, although GI says there is “market chatter” of independent Chinese ‘tea-kettle’ refine
Also in this section
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
6 August 2025
Diesel market disruptions have propelled crude prices above $100/bl twice in this century, and now oil teeters on the brink of another crude quality crisis
5 August 2025
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve
