OIL
Russia’s Sovcomflot made a strong return to its home turf to transport crude in August, keeping the share of Russia’s shipments outside of the G7 price cap above 80%, Platts said.
- Tankers owned by the company, sanctioned by Western authorities, loaded 20.9m bbl of Russian crude in August, up from 12.8m bbl in July.
- Sovcomflot’s flow volume in July came as the EU and UK blacklisted 32 shadow tankers transporting Russian crude above the $60/b price cap.
- Most of the shipments were Urals crude to India and Eastern Siberia-Pacific Ocean blend to China.
- Platts assessed the value of a Urals cargo loading FOB Primorsk at $67.204/b.
- Around 81.5% of Russian crude exports in August were lifted by tankers not operated by G7 and its western partners. This compared to 82.7% in July.
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