The European Union (EU) voted to impose a ban on imports of Russian crude oil & oil products via sea from June 8, 2022

Russian seaborne crude oil shipments to the EU in the first half of November total 3.7 million tonnes,

“With less than two weeks until the EU’s embargo on imports of Russian crude oil goes into effect. Imports from Russia continue to account for 15–20% of the EU’s seaborne imports of crude oil.”

Suezmax ships have benefited from a change in the importers of Russian crude oil. They handled roughly 25% of the all Russian seaborne crude oil shipments at the beginning of the year.

EU Still Buying Oil from Russia

The proportion of European Union crude oil imports carried by VLCC & Suezmax ships has increased.

In comparison to 0% and 15% at the beginning of the year, respectively, India and China now import around 25% of Russian seaborne crude oil shipments.

The International Energy Agency (IEA) and the United States Energy Information Administration (EIA) predict that, relative to pre-war production, Russian oil production will decline by approximately 2 mbpd, or 20%, in 2023.

Instead, the lost exports might leave North and South America, where rising oil production is anticipated to offset the decline in Russian output.