Russia continues to export large quantities of crude Oil – Commerzbank

Russia appears to find sufficient buyers for its Oil, Commerzbank's commodity analyst Carsten Fritsch notes.

Russia maintains strong Oil exports despite sanctions

"According to data from Bloomberg, Russia's seaborne Oil exports last week stood at 3.56 million barrels per day, only slightly lower than in the previous week. The less volatile 4-week average fell only slightly to 3.72 million barrels per day, after reaching its highest level since May 2023 in the previous week."

"It is noticeable, however, that deliveries to China and India have been declining for weeks. In the case of India, they were below 1 million barrels per day for the last three weeks, and in China for the last two weeks. However, the figures may be incomplete and therefore subject to upward revisions."

"This applies in particular to the very low volume delivered to India last week. It is therefore still too early to blame the recently announced US sanctions against the two most important Russian Oil companies for this. The continuing high total volumes at least argue against it."