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