Latest News

Factbox-How much crude oil does the EU still import from Russia?

Factbox-How much crude oil does the EU still import from Russia? By Reuters

Breaking News


Commodities 10 hours ago (Sep 20, 2022 11:26)

© Reuters. FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

(Reuters) – Russian crude oil imports into the European Union and United Kingdom fell to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, but the EU was still the biggest market for Russian crude, according to the IEA.

The UK has already stopped importing Russian crude following Moscow’s invasion of Ukraine, and the EU will ban imports from December to strip the Kremlin of revenue to fund the war.

Imports from the United States have replaced about half the 800,000 barrels of lost Russian imports, with Norway providing around a third.

The United States could soon overtake Russia as the main crude supplier to the EU and the UK combined – by August, U.S. imports lagged those from Russia by just 40,000 bpd compared with a 1.3 million bpd pre-war average, according to the IEA.

Outside the EU, Russia’s top crude oil export markets are China, India and Turkey.


Under the looming ban, the EU will need to replace an additional 1.4 million barrels of Russian crude, with some 300,000 bpd potentially coming from the United States and 400,000 bpd from Kazakhstan, the IEA has said. Norway’s largest oilfield Johan Sverdrup, which produces medium-heavy crude similar to Russia’s Urals, also plans to ramp-up production in the fourth-quarter, potentially by 220,000 bpd.

The IEA says imports from other areas such as the Middle East and Latin America would be needed to fully meet EU demand.

Some Russian oil will continue to flow into the EU via pipelines as the ban excludes some landlocked refineries.


Germany, the Netherlands and Poland were the top importers of Russian oil in Europe last year, but all three have capacity to bring in seaborne crude.

Landlocked countries in Eastern Europe, such as Slovakia or Hungary, however, have few alternatives to pipeline supplies from Russia.

The EU’s dependence on Russia has also been underpinned by companies such as Rosneft and Lukoil, controlling of some of the bloc’s largest refineries.

Russian crude oil flows, based on loading data in August, rose month-on-month to Italy and the Netherlands, where Russian oil major Lukoil owns refineries, according to the IEA.

The German government on Sept. 16 took control of the Rosneft-owned Schwedt refinery which supplies about 90% of Berlin’s fuel needs.

On the same day, the Italian government said it hoped Lukoil would find a buyer for its ISAB refinery in Sicily, which accounts for a fifth of the country’s refining capacity.

Factbox-How much crude oil does the EU still import from Russia?

U.S. could dodge EU carbon border levy, bloc’s climate chief saysBy Reuters – Sep 20, 2022

By Kate Abnett BRUSSELS (Reuters) – The United States may be able to avoid the European Union’s plan to slap tariffs on imports of polluting goods based on its similar climate…

Hurricane Fiona slams Turks and Caicos as Category 3 stormBy Reuters – Sep 20, 2022

By Ivelisse Rivera and Ezequiel Abiu Lopez SAN JUAN, Puerto Rico/SANTO DOMINGO, Dominican Republic (Reuters) -Hurricane Fiona bore down on Turks and Caicos Islands on Tuesday as a…

Gold Dips Again Ahead of Fed, Stuck at Mid-$1,600sBy – Sep 20, 2022

By Barani Krishnan — Gold prices were moored in mid-$1,600 territory, falling for a fifth time in six days and ahead of Wednesday’s interest rate decision by the…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News