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OIL: Arctic Northern Sea Route Shipments Reach Record 12.5mbbl

OIL
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Russian oil shipments to China via the Arctic Northern Sea Route (NSR) have risen to a record 12.5mbbls, or 1.7m metric tons, ahead of the route closure for winter this week, according to Reuters based on Kpler and LSEG data.

  • The volume was less than some expected but still more than 10mbbls seen during the navigable period last year.
  • The NSR saves vessels travelling to China 7-10 days compared to travelling via the Suez Canal but has high cost due to the use of ice-class vessels and ice breakers.
  • Urals, ARCO, Varandey and Novy Port oil, mainly from Murmansk and Primorsk have been delivered to the Chinese ports of Zhoushan, Huizhou, Tianjin and Qingdao.
  • The route gives direct access to the ports of trade partner China and avoids sailing close to EU borders, which have sanctions on Russia's oil.
  • "As Chinese buying plunged to the lowest this year in the summer months, it's a small miracle that NSR transit volumes didn't decrease along the way," said Victor Katona at Kpler.
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Russian oil shipments to China via the Arctic Northern Sea Route (NSR) have risen to a record 12.5mbbls, or 1.7m metric tons, ahead of the route closure for winter this week, according to Reuters based on Kpler and LSEG data.

  • The volume was less than some expected but still more than 10mbbls seen during the navigable period last year.
  • The NSR saves vessels travelling to China 7-10 days compared to travelling via the Suez Canal but has high cost due to the use of ice-class vessels and ice breakers.
  • Urals, ARCO, Varandey and Novy Port oil, mainly from Murmansk and Primorsk have been delivered to the Chinese ports of Zhoushan, Huizhou, Tianjin and Qingdao.
  • The route gives direct access to the ports of trade partner China and avoids sailing close to EU borders, which have sanctions on Russia's oil.
  • "As Chinese buying plunged to the lowest this year in the summer months, it's a small miracle that NSR transit volumes didn't decrease along the way," said Victor Katona at Kpler.