Fuels Statistics 2023

Changes in oil product imports in 2022 compare to 2021

CHANGES IN OIL PRODUCT IMPORTS IN 2022 COMPARED TO 2021

1500 ktoe

Unlike crude, the replacement of Russian oil products was sourced from a larger mix of countries, notably India, Kuwait, Belgium, Saudi Arabia, and the US

500

-500

-1500

Updates made. Needs to be added to draft SR.

-2500

Crude oil benchmark price

-3500

Source: DESNZ

CRUDE OIL BENCHMARK PRICE

$/barrel

In December 2022, G7 countries introduced a price cap of $60 per barrel on international Russian crude oil sales. Although Urals have been significantly lower than other benchmarks since early 2022, this sanction further reduced the value of Urals since it was implemented.

100 120 140

0 20 40 60 80

Jan 2017

Sep 2017

May 2018

Jan 2019

Sep 2019

May 2020

Jan 2021

Sep 2021

May 2022

Jan 2023

Urals

WTI

Brent

Dubai Source: IMF, OPEC

11

Fuels Statistics 2023

Made with FlippingBook Annual report