![]() The IOC member countries produced 2 809 500t of olive oil in the 2020/21 crop year, which accounts for 93.3% of the world total. Consumption is expected at around 3 125 000t (-4.4%) and imports and exports at 1 122 500t and 1 108 500t respectively. Provisional figures for the 2020/21 crop year put world production of olive oil at 3 010 000t, which is 256 500t or 7.9% less than the previous year. ![]() Olive oil – Provisional figures for the 2020/21 crop year.Estimates for the 2021/22 crop year put production at 3 098 500t (+2.9%). Provisional data for 2020/21 point to a 7.9% fall in production for a volume of 3 010 000t. Olive oil production has tripled in the last 60 years to reach 3 266 500t in the 2019/20 crop year. In the case of voyages to Asia via the NSR oil tankers will directly head east without transshipment at Umba. “I do think there will be more of these coming up, especially now when Russia is actively buying tankers on the market and its vessel availability is generally wider.” These purchases are also indicative of more upcoming activity on the NSR, suggests Katona. Russia recently engaged in the buying of more than 100 oil tankers in an effort to circumvent western sanctions. When navigation allows the usage of NSR again in 2023, there will definitely be more NSR routes,” elaborates Katona. note) trip takes 30 days via the NSR, whilst circumnavigating Europe and pretty much most of Asia takes the voyage to 45-50 days. The NSR route has one massive advantage, namely the logistical arm is significantly shorter. “The Vasily Dinkov voyage this November was very much road-testing for NSR deliveries. It conducted a trial voyage late last year sending a shipment of oil to China via the NSR. The journey from Murmansk to Qingdao takes around 45-50 days and the greater distance compared to sending Arctic oil to Europe, is resulting in higher shipping costs, explains Katona.īut with Europe out of the picture sellers have to look elsewhere to sell their product and are – at least for now – offering Russian crude at bigger discounts to buyers in Asia.įor 2023 Russia will be looking to send Arctic crude oil via the Northern Sea Route (NSR), rather than circumnavigating all of Europe and passing through the Suez Canal. “The incremental buyer really is India, effectively taking over Ural's (Arctic Gate) exports,” continues Katona. “Europe is basically completely out of the game,” says Viktor Katona, lead oil analyst at Kpler, an intelligence and data firm for commodity markets. The NS Bravo departed around 20 December 2022 heading for Qingdao, China, where it is expected to arrive by 2 February 2023 and the Gladiator, also en route to Qingdao, left from near Murmansk on 29 December 2022 and is scheduled to arrive by 16 February 2023. The oil tanker Nikolay Zuyev departed from Umba on 16 December 2022 destined for Qinzhou, China where it is scheduled to arrive by 28 January 2023. An additional three vessels are currently en route to China. ![]() Last month at least six tankers departed from the floating Umba oil transfer terminal outside Murmansk with destination India. Following the bloc’s latest sanction regime, which entered into effect on 5 December 2022 and banned the seaborne import of Russian oil, Arctic crude oil now flows almost exclusively to Asia. EU sanctions against Russia’s oil and gas sector continue to deepen and accelerate the country's energy relations with China and India. ![]()
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