Oil exports from Russia in the first 11 months of 2022 increased by +11.2% to 199.4 mln tonnes
Oil exports from Russia in the first 11 months of 2022 increased by +11.2% y-o-y to 199.4 mln tonnes, slightly below the 206.6 mln t in the same period of 2019, according to Banchero Costa weekly report and vessels tracking data from Refinitif.
“2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession”, - report states.
In the first 11 months of 2022, global crude oil loadings were up +8.6% y- o-y at 1,865.7 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv.
This was well above the 1,718.3 mln tonnes in Jan-Nov 2021, but slightly below the 1,926.9 mln tonnes in the same period of 2019.
Exports from Saudi Arabia are up +17.7% y-o-y to 332.3 mln tonnes in Jan-Nov 2022, above pre-Covid levels.
Seaborne shipments from other AG countries are also up by +10.4% y-o- y to 471.0 mln tonnes in the same period, but still below pre-Covid levels.
Exports from Russia have also increased by +11.2% y-o-y to 199.4 mln tonnes, slightly below the 206.6 mln t in the same period of 2019.
From the USA, exports surged by +24.6% y-o-y to 149.8 mln t this year.
From West Africa, however, volumes are down -3.3% y-o-y to 154.6 mln t.
From the North Sea, exports are also down by -1.7% y-o-y to 98.4 mln tonnes in Jan-Nov 2022.
In terms of demand, seaborne imports into the European Union (27) increased by +12.5% y-o-y to 412.0 mln t in Jan-Nov 2022.
Imports to India also surged +11.5% y-o-y to 203.7 mln t in the same period.
Imports to China, however, declined by -5.2% y-o-y to 390.5 mln t, the lowest level since 2018.
