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OIL: Russia Seaborne Crude Shipments Fall to Lowest Since Aug 2023

OIL
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Russia’s seaborne crude shipments fell by 190kb/d in the week to Jan. 5 to the lowest since Aug 2023 to 2.88mb/d, according to Bloomberg.

  • The four-week average exports edged down by 60kb/d in the week to 2.92mb/d, extending a trend falling by 540kb/d since reaching a peak in October.
  • Exports have likely been limited by rising refinery runs, western sanctions on Russia’s shadow fleet and compliance with OPEC+ output quotas.
  • The recent decline has been driven by a drop in exports from western ports and a decline in Ust-Luga shipments since mid-December. At least five fewer cargoes loaded in late Dec. than scheduled.  The start of Jan has seen just five shipments in the first ten days compared to ten in the period last month.
  • However, Kozmino showed record shipments in December of 993kb/d.
  • Crude shipments in 2024 were about 80kb/d, or 2.5%, below the 2023 average.

 

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Russia’s seaborne crude shipments fell by 190kb/d in the week to Jan. 5 to the lowest since Aug 2023 to 2.88mb/d, according to Bloomberg.

  • The four-week average exports edged down by 60kb/d in the week to 2.92mb/d, extending a trend falling by 540kb/d since reaching a peak in October.
  • Exports have likely been limited by rising refinery runs, western sanctions on Russia’s shadow fleet and compliance with OPEC+ output quotas.
  • The recent decline has been driven by a drop in exports from western ports and a decline in Ust-Luga shipments since mid-December. At least five fewer cargoes loaded in late Dec. than scheduled.  The start of Jan has seen just five shipments in the first ten days compared to ten in the period last month.
  • However, Kozmino showed record shipments in December of 993kb/d.
  • Crude shipments in 2024 were about 80kb/d, or 2.5%, below the 2023 average.

 

Keep reading...Show less