Saudi Arabia pushes Russian oil out of Asia - report

According to the author of the Resurgam Telegram channel, a report by LSEG Oil Research shows that Saudi oil supplies increased by 550,000 barrels per day in October and November, reaching 5.83 million barrels per day.

Meanwhile, Russian oil exports to the region have dropped by nearly the same amount, falling by 450,000 barrels to 3.51 million barrels per day. This marks the lowest level of Russian oil exports to Asia since January 2024.

Even Russia’s main buyers, China and India, have reduced their imports of Russian oil while increasing their purchases of Saudi oil.

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China has reduced its purchases of Russian oil from 2.19 million barrels per day in October to 2.04 million in November. At the same time, Beijing increased its imports of Saudi oil from 1.62 million barrels to 1.68 million barrels per day.

India also cut its purchases of Russian oil, from 1.75 million barrels per day in October to 1.47 million in November. Meanwhile, New Delhi boosted its imports of Saudi oil from 610,000 barrels to 770,000 barrels per day.

Experts attribute the gradual decline in Russia’s oil share in the Asian market to rising sanctions risks and a general drop in oil demand. 

Resurgam notes that with the Saudi oil supply increasing, sanctions risks are the more decisive factor.

• In November, Russian seaborne oil exports plunged to their lowest level since July, hitting a two-month low after a sharp drop in supplies to India.