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Russian Crude Exports From Baltic Ports Rise This Month

OIL

Russian crude oil exports from the Baltic ports of Ust-Luga and Primorsk rose to 3.1mn tonnes so far this month, up by 35% for the same period last month according to Reuters sources.

  • Total shipments from Kazakhstan and Russia from both ports stood at 3.4mn tonnes in the first half of January, up from 2.5mn tonnes in the first half of December.
  • Russian oil shipments from the Baltic ports heading for Asia on 1-15 Jan rose by 27% on the month to 2.8mn tonnes.
  • Russia has been diverting its trade away from Europe to other markets, mainly Asia and Latin America, amid the EU’s embargo on Russian seaborne oil and the G7/EU price cap on Russian oil exports.
  • The emergence of new logistical schemed, including ship-to-ship transfers and the use of VLCCs could improve profitability of the new export routes.
Energy BulletsCommodities
Energy BulletsCommodities

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