Bulgaria increases its purchase of Russian oil before the EU embargo takes effect
The country is not excluded from the ban on importing the raw material, but will only be able to use it for the domestic market
Photo: Bloomberg LP
For the first time since the beginning of September, the import of Russian oil in Europe increased, Bloomberg reported for the week of October 10-16. The increase relates to Northern Europe (all deliveries are in Rotterdam), the Mediterranean (mainly to Turkey) and the Black Sea.
The data show that during the past week the supplies in the Black Sea (Romania and Bulgaria) increased by a total of 200 thousand barrels per day, with the main part of the supply coming to Bulgaria. The country has no exception to the EU policy of banning the import of Russian oil, but it will only be able to be used for the needs of the domestic market.
Oil supplies to the Mediterranean have been increasing in recent weeks. In the analyzed period, however, Turkey reports the most significant increase and already buys more oil at the beginning of the year. Such a country is emerging as one of the main markets for Russian oil, along with China and India.
Russia is likely to be able to rely mainly on these allies when the EU oil embargo comes into effect in early December. In June, supplies to three countries reached their peak – a total of 2.2 million barrels per day. In the last month there has been a certain drop of 350 thousand barrels per day, but as a whole the supply to Turkey is increasing and a new peak can be expected.
There are still tankers that have not declared their final destination.
Oil supplies to Italy also rose in the past week, Bloomberg data showed.
The data is based on sea shipping information from Russian ports in the Baltic Sea, Black Sea and Arctic.
In the information base of the Russian authorities, Bloomberg reports that revenues from the sale of oil also increased – by 9 million dollars to 134 million dollars in the period October 8-14. Average revenue in the last month is about 145 million. dollars a week.