Oil Loadings from Black Sea Ports Remain Suspended

Oil loadings from the Black Sea Ports of Novorossiysk and the CPC Terminal remain suspended, according to Reuters, forcing some traders to look for alternatives.

• Novorossiysk and the CPC Terminal load around 2m b/d from Russia and Kazakhstan.
• Sources told Reuters that the ports are still encountering bad weather, with rain and waves of 2-4m height.
• The amount of oil exports delayed has now exceeded 1m mt, sources added.
• Traders are now looking at alternative export options, although the abrupt nature of the suspension has added difficulty in diverting.
• Some exporters are diverting Kazakh and Russian oil via the Druzhba pipeline, but quarterly schedule limits and a lack of end user demand may hamper this route.
• The Druzhba pipeline supplies crude to Europe and is exempt from the ban on Russian oil, applying only to seaborne arrivals.