- Russia’s seaborne crude imports fell 23% in the week to November 25 as US sanctions took effect.
- India and Turkey sharply cut arrivals, with India’s intake dropping from 16.6 million to 12 million barrels.
- Deliveries into Turkey sank to 500,000 barrels, the lowest in seven months.
Russia’s Crude Flows Drop Sharply After US Sanctions
Russia’s weekly seaborne crude exports saw a major decline as US sanctions targeting Lukoil and Rosneft took effect. According to S&P Global’s CAS data, arrivals fell to 20 million barrels in the week to November 25, down from the previous five-week average of 23.42 million barrels.
Key buyers, including India and Turkey, reduced their purchases following tighter sanctions guidance.
India Cuts Imports as Jamnagar Halts Russian Crude
India remained the largest buyer, taking 12 million barrels, but arrivals dropped sharply from 16.6 million barrels a week earlier.
At the Reliance Jamnagar terminal, the world’s largest refining hub, arrivals fell to 12.5 million barrels, down from 21.4 million barrels. Shipments to the Nayara terminal also declined by 6.3 million barrels week over week.
The drop follows Reliance’s announcement on November 20 that it would stop importing Russian crude into its export-oriented refinery after stricter sanctions guidance from the Intercontinental Exchange.
Turkey’s Imports Sink to Seven-Month Low
Turkey imported just 500,000 barrels of Russian crude in the week to November 25 — down from 1.7 million barrels a week earlier and 4.6 million barrels at the end of October.
Monthly imports have also fallen steadily:
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11.4 million barrels in September
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10.1 million barrels in October
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6.4 million barrels so far in November
No arrivals were recorded at Turkey’s Tupras or STAR refineries.
China Holds Steady, Singapore and Hong Kong See Modest Lifts
China imported 5.2 million barrels, slightly below 5.8 million barrels the previous week. Singapore added 800,000 barrels, while Hong Kong remained stable at 700,000 barrels per day.
Across all buyers, Reliance’s Jamnagar terminal remained the top importer, followed by Nayara and China’s Bingang terminal.
Refined Product Exports Mostly Stable
In refined products, exports by Russia’s main crude buyers remained mostly stable:
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India exported 7.1 million barrels, down from a five-week average of 8.4 million barrels
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Turkey shipped 1.2 million barrels
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China exported 5.5 million barrels
India’s Sikka terminal sent 6 million barrels of products to Africa, Europe and the Middle East.
Vadinar exported 500,000 barrels, mainly diesel to Sudan and gasoline to Oman.
Turkey’s Aliaga exported 800,000 barrels, while Yarimca shipped 300,000 barrels.
Europe Still Receiving Some Flows Despite 2026 Ban
Around 1.3 million barrels of oil product exports from India, China and Turkey were headed toward Europe, which will ban fuel made from Russian oil from January 21, 2026.
Volumes were down from 1.7 million barrels last week and recent highs of 5 million barrels.
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Source: S&P Global
