Who Is Buying Russian Oil, Despite A Raging International Debate?

Crude prices have started to soar again, with the Brent futures up over 2 per cent to nearly $120 a barrel on Tuesday, following a more than 7 percent rise in the previous session.

Oil markets have been whiplashed since Russia attacked Ukraine on February 24, driven by supply concerns as Western countries imposed economic sanctions on Moscow in response to its invasion of Ukraine.

The potential for more supply disruptions have weighed on the market after news that some European Union (EU) members are considering imposing sanctions on Russian oil.

Attacks on Saudi oil facilities sent jitters through the market, keeping supply concerns to persist, with long oil and commodities positions the most crowded trades again on Tuesday.

There is a raging international debate on should countries buy crude oil from Russia, even as the US has said, it will not be against the sanctions imposed on Russia, but would mean supporting the Russian leadership, which indirectly suggests a support of what Moscow calls "a special operation in Ukraine."

Let's take a look at who is still buying Russia oil, based on a Reuters report:

Neftochim Burgas: Bulgarian refinery, owned by Russia's Lukoil, and with Russian crude accounting to about 60 per cent of its total intake, continues to refine Russian crude.

MIRO: Russian crude continues to account for about 14 per cent of the intake at Germany's largest refinery, Miro, which is 24 per cent owned by Rosneft..

PCK Schwedt: Germany's refinery, 54 per cent owned by Rosneft, receives crude oil via the Druzhba pipeline.

Leuna: The land-locked Leuna refinery in eastern Germany, majority-owned by TotalEnergies, is also fed Russian crude by the Druzhba pipeline.

Hellenic Petroleum: Greece's biggest oil refiner is relying on Russian crude for about 15% of its intake. The company earlier this month secured additional supplies from Saudi Arabia.

ISAB: Italy's largest refinery, owned by Lukoil-controlled Swiss-based Litasco SA, processes Russian and non-Russian crudes.

MOL: The Hungarian oil group, which operates three refineries in Hungary, Slovakia and Croatia, continues to be supplied by the Druzhba pipeline. Hungary is opposed to sanctions on Russian oil and gas.

PKN Orlen: Poland's largest refiner, which continues to buy Russian crude for its refineries in Lithuania, Poland and the Czech Republic, said it was preparing for a complete halt..

Zeeland Refinery: The Dutch refinery, 45 percent-owned by Lukoil, declined to comment on whether it was using Russian crude oil.

Rotterdam Refinery: Exxon Mobil declined to comment on whether its Dutch refinery in Rotterdam was using Russian crude oil.

Hindustan Petroleum: India's state refiner bought 2 million barrels of Russian Urals for May loading, according to trading sources last week.

Indian Oil: India's top refiner has bought 3 million barrels of Urals for May delivery, trade sources said.

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, and the European Union plans to discuss such a ban this week, sending global oil prices higher.

The 27-member EU bloc is divided over whether to impose a ban that can affect about 27 per cent of its imports, with some of its landlocked refineries almost completely dependent on Russian crude supplies via pipelines.

Germany, the EU's top Russian crude buyer, and the Netherlands, a trading hub, have warned against hasty decisions that could raise energy prices further and leave some refineries idle.

Hungary opposed a ban on Russian energy imports, while Bulgaria said it may seek an exemption if such a ban is approved.

Beyond the European Union, the countries that have refused to criticise Russia for its invasion, such as China and India, continue to buy Russian crude.

Turkey, which is seeking to mediate between Kyiv and Moscow, also has no plans to stop buying Russian oil.