Europe Splurges on Russian Oil Before Ban in DEC

Herr Putin, fill it up with Blood Oil, Jah?

Oil Price headline: Europe Splurges on Russian Oil As EU Ban Nears
By Charles Hugh Smith - Aug 22, 2022, 2:30 PM CDT…

Ahead of the December 5th implementation of a European Union ban on seaborne imports of Russian crude, European buyers are now said to be buying up more Russian oil than they have in four months.

Last week, seaborne exports of Russian crude oil to European buyers rose to their highest level since April, Bloomberg reports, citing vessel-tracking data.

For the week ending August 19th, Bloomberg reports that total flows of Russian seaborne crude exports rose from 3.24 million barrels per day to 3.41 million barrels the previous week, and the bulk of that increase was to European buyers.

Approximately 90% of Russian crude exports to Europe are seaborne.