According to a report by the Russian daily newspaper Kommersant, Russia’s ESPO oil blend exports from the Pacific port of Kozmino have hit a new record high in May. The report, citing data from ship-tracking firm Kpler, states that ESPO oil exports have increased by 5% so far in May compared to the April average, reaching a record-high of 960,000 barrels per day (bpd).
The previous record for ESPO oil exports was set in February, when the entire export volume of more than 914,000 bpd was shipped to China, which has emerged as one of Russia’s primary oil buyers, along with India.
Kommersant’s report, citing Kpler’s lead crude analyst Viktor Katona, suggests that Western sanctions imposed on Russian tankers have been largely ineffective in curbing the country’s oil exports. This indicates that Russia has managed to find alternative means to transport and sell its oil, despite the international pressure.
The surge in ESPO oil exports underscores Russia’s ability to maintain its presence in the global energy market, even in the face of economic sanctions. The increased shipments to Asia, particularly to China and India, also highlight the shifting dynamics in the global oil trade and the growing importance of non-Western markets for Russian energy exports.