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Above-Cap Urals Price Deters Greek Shipowners

OIL

The Urals price has regularly exceeded $60/bbl since July 12, causing mainstream tanker owners to shy from lifting Russian barrels according to BRS shipbrokers.

  • Despite a lack of government verification on the transaction price, tanker owners are showing raised concerns that the oil is not sold below the cap.
  • Since Urals crossed the $60/bbl threshold, Greece-owned tankers loading from Primorsk have constituted 26% of vessels calling by deadweight, down from an average of 50% over the past 14 months, according to Lloyd's List Intelligence vessel-tracking.
  • The departure of Greek ship owners from transporting Russian oil will lift premiums for shipping sanctioned Russian crude, according to BRS shipbrokers.
  • As Russian production cuts will likely support Urals prices during the summer, there may be additional tonnage freed up for other routes, putting downward pressure on Atlantic & Med routes, BRS said.


Source: Lloyd's List Intelligence

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