India purchased about 40% of all Urals seaborne export volumes loading in November, outperforming other states as prospective buyers, Reuters calculations primarily based on Refinitiv and traders’ data confirmed on Monday.

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

At the same time, shipments of the grade to Europe, which was formerly the largest customer of seaborne Urals, in November amounted to somewhat considerably less than a quarter. Just about the overall quantity was delivered to refineries, in which Russian oil providers keep shares.

The overall 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 source of seaborne shipments of Russian oil.

According to traders, the quantity of supplies of Urals oil to Europe might be further more minimized in December, considering that the embargo includes a ban on the offer of Russian oil even by Russian providers to their remaining refining belongings in the EU.

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

Turkey remains the most important purchaser of Urals in the Mediterranean, in November, deliveries to this state accounted for about 15% of all Urals sea exports, in accordance to Reuters calculations.

In addition, a number of shipments of Urals are heading to Egypt’s Port Explained, where by they are predicted to be reloaded onto more substantial tankers for onward supply to Asia, maybe China.

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