S&P Global Commodity Insights: Asia gains edge as EU pledges to distance itself from Russian oil

Press Release

03-06-2022

Asia may gain an edge in negotiating bigger discounts for spot Russian cargoes, seal some long-term contracts, as well as witness the emergence of new buyers in the region, as the EU's move to distance itself from those cargoes may create a problem of plenty for the leading non-OPEC supplier.
The latest pledge by the EU this week to ban Russian oil imports by sea, which amounts to more than two-thirds of Russian crude deliveries to the bloc, will sharply narrow the sale window for Russia, as the exporter will now have to largely be dependent on Asian buyers.
"The US has already banned imports of Russian crudes, and with the European Union in the process of doing so, that has left Asia as the only major outlet for those crudes. As a result, Asian buyers should have the upper hand in terms of pricing," said Lim Jit Yang, adviser for oil markets at Platts Analytics of S&P Global Commodity Insights. According to Platts Analytics, Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

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