Russian crude exports see partial rebound

Volumes have risen in recent weeks amid an uptick in flows to East Asia, says analytics firm Vortexa, while even in Europe the picture is mixed

Russian exports of crude and dirty petroleum products—particularly fuel oil—have recovered somewhat in April after trending down from early March, according to David Wech, chief economist at energy analytics firm Vortexa. Combined Baltic and Black Sea crude export volumes are up over the month so far, contrary to expectations, Vortexa’s lead crude analyst Jay Maroo confirms. The four-week rolling average of Russian crude export volumes is now back to up around 1.9mn bl/d, thanks to a big increase in cargoes heading towards Asia—mainly India and China—he continues. Ship-to-ship (STS) transfers are being used to combine smaller cargoes of Urals crude—loaded in the Baltic and Black Sea—onto ver