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Russian Crude Flows Slump on EU Ban/Price Cap


There appears to be a shortage of vessels willing to carry Russian crude following the G7 sanctions on Russian oil in early December according to Bloomberg vessel tracking.

  • As well as the cap, an EU import ban saw Russian crude exports tumble. In the first full week after the EU ban on seaborne Russian crude imports came into effect, total volumes shipped from the nation dropped by 1.86 million barrels a day, or 54%, to 1.6 million.
  • A less volatile four-week average also plunged, setting a new low for the year.
  • As well as Urals to Europe, ESPO flows, priced above the G7 $60/bbl price cap, have tumbled as buyers struggle to obtain western shipping services.

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