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OIL: Russian Crude Shipments Fall on Drop in Supply to India

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Russian crude weekly shipments were up slightly from last week although the four week average dropped to a two month low as supply to India fell, according to Bloomberg.

  • Weekly exports increased 100kb/d to 2.93mb/d but the four-week average exports fell by 150kb/d in the week to 3.12mb/d.
  • Exports for Russia’s western ports in the past two weeks are about 25% below the October average. Black Sea exports fell amid a likely maintenance-related five-day gap in the loading program for Novorossiysk.
  • The drop in four-week average shipments from the Baltic, Arctic and Black Sea was reflected in a reduced amount of crude heading to India, at least 500kb/d down from a month ago.
  • Crude shipments so far this year are about 60kb/d, or 1.7%, below the 2023 average.

 

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Russian crude weekly shipments were up slightly from last week although the four week average dropped to a two month low as supply to India fell, according to Bloomberg.

  • Weekly exports increased 100kb/d to 2.93mb/d but the four-week average exports fell by 150kb/d in the week to 3.12mb/d.
  • Exports for Russia’s western ports in the past two weeks are about 25% below the October average. Black Sea exports fell amid a likely maintenance-related five-day gap in the loading program for Novorossiysk.
  • The drop in four-week average shipments from the Baltic, Arctic and Black Sea was reflected in a reduced amount of crude heading to India, at least 500kb/d down from a month ago.
  • Crude shipments so far this year are about 60kb/d, or 1.7%, below the 2023 average.

 

Keep reading...Show less