India and China importing Russian crude at record pace as over 20 trading companies, including Trafigura, reserve up to 600 tankers for global oil shipments.
Taken together, India and China are then taking in more than half of Russia’s total daily crude oil exports, which before the war in Ukraine averaged around 5 million bpd. A lot of that used to be absorbed by Europe. Now, Russia is finding new markets. And a whole new industry of oil traders is emerging.
Most of the new crop of traders involved in moving Russian crude and fuels around the world are based in Dubai, the Energy Intelligence report notes, but Hong Kong is another hub for such trades. According to Trafigura, the total number of tankers that have been “reserved” to carry Russian oil could be as high as 600, of which 400 crude tankers. And, according to a senior executive from one tanker company, “These ships will be dedicated to those shadow trades and de facto removed from the markets that we would find ourselves in.”
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