Russia ramps up oil exports to Asia – Reuters

Russia ramps up oil exports to Asia – Reuters

Russia has boosted oil exports from the major eastern port of Kozmino to Asian countries by about a fifth, Reuters reported on Wednesday, citing people familiar with the matter.

The facility is close to the city of Nakhodka, which is about 80km south of the regional capital, Vladivostok. 

According to the news agency, Russia's Transneft has increased the amount of crude pumped to Kozmino via its main Asian oil route, the East Siberia Pacific Ocean (ESPO) pipeline, by 70,000 barrels per day (bpd). Transneft has reportedly used chemical additives to speed up oil flows, the unnamed sources said.

They specified that the additional supplies will allow Kozmino to increase overall loadings to some 900,000 bpd in the months ahead, from an average of around 750,000 bpd so far this year. In 2021, Kozmino reportedly loaded about 720,000 bpd (35.1 million tons).

ESPO oil exports via Kozmino are projected to reach an all-time high of around 880,000 bpd in July, two of the sources said. The ESPO pipeline, which connects Russia's Siberian oil fields to Kozmino and Chinese buyers by land, has an overall capacity of 1.64 million bpd.

Moscow earlier said it hopes to reroute westbound energy exports to the east, to meet Asia’s surging demand. Asian countries became the largest importers of Russian oil for the first time in April 2022, according to Bloomberg.

Chinese and Indian companies have stepped up purchases of Russian crude over the past three months, eager to take advantage of discounted rates. Statistics show that Russian oil exports to India jumped by nearly 25 times in May compared to the same period of last year.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Russia’s foreign currency reserves increased by 1.2% during October to over $547 billion as of November 1. Moscow has been ramping up its reserves as a shield against Western sanctions.The increase
подробнее...

Washington will allow some transactions “related to energy” with Russian entities to continue until May 15 next year, according to an updated general license published on the US Treasury department
подробнее...

The United Kingdom will halt shipments of liquefied natural gas (LNG) from Russia as early as January, the Foreign Office announced on Friday.“From 1 January 2023, the UK is ending all imports of
подробнее...

A number of countries have dramatically increased their average monthly volumes of imports from Russia this year, according to trade data compiled by the Observatory of Economic Complexity, as cited
подробнее...

Washington has given its blessing for India to keep buying as much Russian oil as it wishes, even at prices exceeding those set by the G7-imposed cap mechanism – but only if it refrains from using
подробнее...

A diplomatic dispute is brewing between India and Germany after Berlin took over a former Gazprom subsidiary and halted LNG shipments to New Delhi.The Russian gas giant’s former local subsidiary
подробнее...

Food inflation in the UK soared to a record 11.6% in October, as even basics such as tea, milk, and sugar became much pricier, according to new figures released by the British Retail
подробнее...

The US dollar, which is enjoying its peak years at the moment, could lose its status as the world's main reserve currency, former Lehman Brothers executive Lawrence McDonald has told Sputnik news
подробнее...

The Japanese government has announced an economic package worth around 39 trillion yen (nearly $270 billion) to support the economy amid rising inflation and a weakening national currency, broadcaster
подробнее...

Cosmetics and perfume brands Lancome, Redken, Yves Saint Laurent, Giorgio Armani, and Kerastase will return to the Russian market and therefore will be excluded from the list of so-called parallel
подробнее...

US officials are discussing with European allies the possibility of tightening export restrictions in trade with China, according to Bloomberg, citing people familiar with the matter.The White House
подробнее...

Budapest has imposed price caps on eggs and potatoes, Reuters reported on Wednesday, citing the prime minister’s chief of staff, Gergely Gulyas.The cap was announced after data showed food prices
подробнее...

The State Bank of India (SBI), the country’s biggest lender, has seen a surge in quarterly net profit, the bank said in a press release on Saturday.According to the statement, net profit soared by
подробнее...

The spread between yields on the three-month US Treasury bill and the benchmark 10-year note has started going negative this week, signaling near-term recession risks, the Wall Street Journal has
подробнее...

US officials aren’t planning to set the level of the proposed price cap on Russian oil until after the US midterm elections on November 8, the Wall Street Journal reported on Friday, citing people
подробнее...

The US is infringing free trade rules by imposing new export controls on Beijing, China’s Foreign Minister Wang Yi said on Monday during a phone conversation with his US counterpart Antony
подробнее...

The lowest income households in the Eurozone are the most exposed to record inflation, as they have smaller financial cushions to cope with the cost of living crisis, according to European Central
подробнее...

Twitter is facing a class-action lawsuit from employees over mass layoffs ordered by the company’s new billionaire owner, Elon Musk.The legal action was brought on behalf of five employees on Thursday
подробнее...