India bought about 40% of all Urals seaborne export volumes loading in November, outperforming other states as purchasers, Reuters calculations based mostly on Refinitiv and traders’ knowledge showed on Monday.

Russian Urals oil shipments to India accounted for about 40% of the complete sea exports of Urals in November, not including the transit of oil from Kazakhstan, which is sold as KEBCO, Reuters calculations showed.

At the exact time, shipments of the grade to Europe, which was beforehand the biggest customer of seaborne Urals, in November amounted to a bit considerably less than a quarter. Just about the whole volume was sent to refineries, in which Russian oil companies hold shares.

The total volume of shipments of Urals oil from the Russian ports in November amounted to 7.5 million tonnes, excluding the transit volumes of Kazakhstan.

On Dec. 5, the European Union imposes an embargo on the supply of seaborne shipments of Russian oil.

According to traders, the volume of provides of Urals oil to Europe may well be further diminished in December, due to the fact the embargo includes a ban on the supply of Russian oil even by Russian corporations to their remaining refining assets in the EU.

EU conversations of a price tag cap for the Russian oil is also complicating trade for December volumes, traders claimed, increasing uncertainty.

Turkey remains the major consumer of Urals in the Mediterranean, in November, deliveries to this nation accounted for about 15% of all Urals sea exports, in accordance to Reuters calculations.

In addition, several shipments of Urals are heading to Egypt’s Port Mentioned, exactly where they are predicted to be reloaded onto larger tankers for onward delivery to Asia, quite possibly China.

China accounted for significantly less than 5% of Urals sea exports in November, according to the data, but traders anticipated some of the tankers to modify their destinations to China later.