Contrary to expectations, Russian oil exports increased in March despite the war

Russia’s marine crude oil exports increased in March from last month, Petro Logistics, which specializes in oil tanker tracking, although some shipments are in awaiting destination in the wake of Western sanctions in Moscow.

According to Petro Logistics, exports of Russian marine crude oil in March increased by 350,000 barrels a day since February, to about 3 million barrels a day, while shipments of petroleum products surpassed two million barrels a day in March.

The West imposed a long list of sanctions on Russia after the invasion of Ukraine, which also prompted some consumers to stop buying Russian oil and raised concerns about global supply.

Petro Logistics, based in Geneva, has monitored the production of members of the Organization of the Petroleum Exporting Countries (OPEC), but has also monitored supplies from Russia and the former Soviet Union for decades.

Analysts have warned that the US ban on Russian oil and gas imports will likely leave more shipments in sea ​​without a buyer. Daniel Gerber, chief executive of Petro Logistics, said his company was noticing shipments with no destination.

But apparently, the more Russian oil will go in China and in India.

The company also monitored indications of the change of owner of shipments, and Gerber said that a shipment of crude oil changed the buyer from a large Western oil company to a Chinese company.

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