top of page

Join us on the app

The fleet operating in opaque markets - one year since the EU import ban

The opaque players crude exports reach 4-year high, accounting for a growing share of global crude exports.


Iran, Russia and Venezuela’s (opaque market) combined crude exports reached 5.7mbd in May, a 4-year high and a 15% increase y-o-y. The opaque markets crude exports averaged 5.2mbd in 2023, a 500kbd increase y-o-y, an increasingly important market to global crude supply.


This 4-year high was driven by record-high Iranian crude/condensate exports and Russia increasing its crude exports despite sanctions.



➔ Iran’s crude/condensate exports surpassed 1.5mbd in May, driven by strong demand from China and increased production


➔ Russia increased its crude exports (excl. CPC Blend & KEBCO) to 3.6mbd in May, despite the EU import ban and OPEC+ cuts


➔ Russia found alternative buyers - India accounts for 50% of Russian crude imports in 2023, compared to 20% in 2022


➔ China also accounts for 40% in 2023, a 10pp increase y-o-y


➔ Venezuela’s exports have increased due to higher production and US increased purchases of Venezuelan crude via Chevron


To read the full exclusive report by Vortexa posted on December 08, 2023.



Comments


bottom of page