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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.


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