The Mediterranean overtook India as the top destination for seaborne exports of Russian Urals crude last month.

The Mediterranean - primarily Italy and Turkey - accounted for a little over a third of the 2.27mn b/d of Urals exported from the Baltic Sea ports of Primorsk and Ust-Luga and the Black Sea port of Novorossiysk in May, according to Vortexa data. This compares with just over a quarter of April's 2.19mn b/d of exports.

India accounted for just under 27pc of May's exports, down from 43pc of April's. The US urged India to "stop accelerating" purchases of heavily-discounted Russian crude back in early April. Although India's Urals buying spree appears to have cooled off last month, the country's demand for Russian crude remained well above historical levels.

Along with the Mediterranean, India has emerged as a top destination for seaborne Urals since Russia's invasion of Ukraine on 24 February prompted many of Moscow's traditional customers in the Baltics and northwest Europe to shun Russian crude in the spot market. The Mediterranean accounted for less than 20pc of Urals seaborne exports in 2021, and just 2pc sailed for India.

Northwest Europe, primarily Rotterdam, accounted for 13pc of May's seaborne Urals exports, while only 3pc was destined for Baltic buyers. Volumes to those destinations is likely to have been mostly term supplies agreed prior to the invasion of Ukraine. Northwest Europe and the Baltics made up for more than half of seaborne Urals exports in 2021.

About 7pc of May's Urals seaborne shipments were destined for China, up from 5pc of April's exports. Chinese crude demand has been constrained by Covid lockdowns in recent months but the restrictions are now being eased. China accounted for just under 5pc of Urals seaborne exports last year.

The Urals export schedule for June is not known. State-owned pipeline operator Transneft said it will no longer circulate monthly loading programmes and will instead inform lifters about their cargo dates individually.

By Felix Todd