Russian oil exports to Europe hit 4-month high as embargo looms while demand from Asia continues to drop

Shipments of Russian crude to Europe soared last week to their level since April, Bloomberg data shows. 
Flows hit 3.41 million barrels per day for the tracking period ending August 19. 
Meanwhile, Asian countries are continuing to dial back Russia-sourced oil. 

Russian seaborne crude exports to Europe reached their highest level since April last week, according to tracking data from Bloomberg

Europe imported 3.41 million barrels per day for the week ending Aug. 19, the data shows, which covers a four-week moving average for flows. Europe imported 3.24 million bpd during the previous tracking period. 

The majority of the customers last week were in the Black Sea, Mediterranean and northern regions of Europe. 

Russian flows are still a mainstay in Europe, despite the Kremlin’s invasion of Ukraine. The increase in imports comes as the European Union’s partial embargo on Russian crude will go into effect in early December.

Meanwhile, Asia’s appetite for Russian crude has steadily…

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This article was written by [email protected] (Brian Evans) and originally published on markets.businessinsider.com