Singapore triples imports of Russian oil following EU restrictions
In the first quarter of 2023, Singapore imported 741,000 tons of Russian oil, representing about 23% of its total petroleum product imports. In the fourth quarter of 2022 the Asian city-state imported approximately 261,000 tons.
Read also: Russia uses North Africa to circumvent oil sanctions, WSJ reports
The full-scale invasion of Ukraine by Russia and its consequences have completely changed the oil market in the European Union. Russia’s share fell by almost eight times, and the United States became the main supplier of oil to continental Europe.
According to Eurostat data, as of February 2022, Russia’s share of the EU market ranged from 24% to 31% (from 39.65 million barrels to 49.69 million barrels).
Read also: G-7 to limit Russian oil revenues with price caps
Starting in May 2022, imports from Russia began to decline and by December 2022, it amounted to 7.64 million barrels – only 4% of the total import volume. This is partly due to the embargo on Russian oil imposed from Dec. 5, 2022.
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