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November Storms Impact Novorossiisk Oil Scheduling into December

OIL

Russia’s Novorossiisk December crude loadings were revised down to 1.72mn tonnes from 2.14mn tonnes due to bad weather disruptions impacting scheduling from November according to Reuters sources.

  • Crude loadings in November from the port resulted in 1.2mn tonnes failing to set sail out of a schedule of 2.34mn tonnes.
  • The terminal continued loadings Friday while about three cargoes from November plans are yet to leave the port according to Reuters sources.
  • Russian Urals are expected to find more demand out of India now that Argus has assessed the price at around $56/bbl earlier this week, below the $60/bbl G7 price cap meaning access to western shipping and insurance services.

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