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The number of crude oil tankers at sea that loaded in Russian ports fell sharply in July, energy and environmental geo-analytics company Kayrros highlighted in a new report sent to Rigzone over the weekend.
This development came as news reports signaled more ship-to-ship transfers, meaning less time spent laden at sea, and as some countries in Asia, including India, were showing high demand for discounted Russian crude oil, Kayrros outlined in the report.
According to a chart included in the report, which contained data stretching back to just before March this year, the number of crude oil tankers at sea that loaded in Russian ports stands at just under 110. This figure was at well over 120 near the beginning of the month and near 130 back in June, the chart showed. The lowest figure in the chart can be seen around the end of March at just over 80 crude oil tankers.
Kayrros noted in the report that India has been a beneficiary of the reshuffling of Russian crude flows, adding that crude oil inventories in India this week reached their highest level since December 2021.
“The country has emerged as a prime outlet for Russian crude since the invasion,” Kayrros stated in the report.
“Crude tank capacity utilization reached 62 percent at Indian refineries last week, from an all-time low of 54 percent at the beginning of April,” Kayrros added.
In the report, Kayrros also noted that implied crude oil demand in China fell in June to levels not seen since the first Covid lockdowns or since 2018 “as state-run refiners took less crude and imports of Russian crude decreased after a peak in May”.
“This happened on the back of overall lower economic activity in China and heavy lockdowns, which have now eased,” Kayrros stated in the report.
According to the latest figures from the World Health Organization (WHO), confirmed weekly Covid-19 cases in China have fallen for the past eight consecutive weeks. Covid-19 related deaths in China have also fallen for the past four consecutive weeks, the latest WHO figures show.
China has seen more than 5.5 million Covid-19 cases, with over 23,000 deaths, according to the latest WHO data, which shows that the country has so far administered more than 3.4 billion vaccine doses.
To contact the author, email andreas.exarheas@rigzone.com
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