Russian oil exports surge amid shift from European to Asian markets

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🗞️ Driving the news: Russia exported more oil in April than in any month since its full-scale invasion of Ukraine last year, according to the International Energy Agency (IEA)
• Almost 80% of Russian crude shipments went to China and India, marking a significant shift from traditional European markets
• Despite shipping more oil, Russia’s monthly oil export revenues were 27% lower than in April 2022, partly due to lower global energy prices and G7-led price caps on Russian oil exports

🌎 Why it matters for the planet: This substantial change in oil exports underscores Moscow's success in finding new buyers and transport methods since Western sanctions and Europe's blockade
• This dynamic has led to one of the biggest-ever shifts in commodity flows, rerouting millions of barrels of oil from Europe to Asia over the past 12 months

🔭 The context: The increase in Russian oil exports comes in the wake of the Western sanctions following Russia's invasion of Ukraine
• Moscow has been working with an expanding group of less-known trading companies and tanker owners to devise new systems to move its oil

⏭️ What’s next: With China's oil demand continuing to surpass expectations, the IEA has raised its forecast for 2023 global oil demand growth to 2.2 million barrels per day (China is expected to account for nearly 60% of this increase)

💬 One quote: “Russia seems to have few problems finding willing buyers for its crude and oil products.” (International Energy Agency)

The full-length article was published in the FT on Tuesday 15th