India and Turkey were main buyers of seaborne Urals oil cargoes in the first half of July, while loadings of the grade have been declining, Refinitiv Eikon data showed and traders said.

Russia’s seaborne oil exports from Primorsk, Ust-Luga and Novorossiisk will fall to 1.9 million barrels per day (bpd). as expected, in July from 2.3 million bpd in June as domestic refineries increase runs.

Russian refineries will increase runs in July compared to June therefore dragging more crude oil as domestic feedstock.

India accounted for about 55% of the Urals oil shipments from western ports during July 1-15, according to recent data in Refinitiv Eikon and Reuters calculations.

Urals discounts firmed to around $7.5 a barrel to dated Brent on a delivered ex-ship (DES) basis in ports of India for cargoes loading late in July amid lower supply.

Turkey accounted for some 15% of the Russian grade’s supplies from the sea ports during the period, according to Refinitiv data and Reuters calculations. No Urals oil cargoes loading un the first half of July were destined for China, according to the data. China was destination for 7% of Urals cargoes loading last month. Bulgaria, the only EU state allowed to import seaborne Russian oil after the embargo, purchased some 5% of Urals volume planned for loading during the first half of the month, according to the data.

Another 25% of Urals oil planned for loading during July 1-15 did not have final destinations as of Monday, the data showed.

Kazakhstan’s oil transit via Russian ports, KEBCO oil, was set for shipments to Italy and Romania for cargoes loading in the first half of July, according to Refinitiv Eikon data.

KEBCO oil is not subject to an EU embargo on Russian oil as it is of Kazakhstan’s origin, and is allowed to be shipped to EU states.
Source: Reuters (Reporting by Reuters, Editing by Louise Heavens)