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Russian Seaborne Crude Exports Fall but Still Above Target

OIL

Seaborne exports of Russia crude fell by 120kbpd in the week to April 28, driven by a drop in flows from Primorsk and Kozmino and partly offset by higher shipments from Novorossiysk, according to Bloomberg vessel-tracking data and port agent reports.

  • Shipments fell to 3.43mbpd from a revised 3.55mbpd for the week to April 21 but remain above year-to-date average. The four-week average fell by 100kbpd to 3.58mbpd but are still 120kbpd above target.
  • Domestic oil processing is still under pressure as refineries undergo seasonal maintenance and after Ukrainian drone attacks.
  • The first Sovcomflot tanker of Urals crude in several months is headed to India in a sign the country may accept cargoes delivered on vessels belonging to the shipper again.
  • Russia is also beginning to put tankers individually sanctioned by the US Treasury Department back into operation after the first sanctioned loaded last week.

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Seaborne exports of Russia crude fell by 120kbpd in the week to April 28, driven by a drop in flows from Primorsk and Kozmino and partly offset by higher shipments from Novorossiysk, according to Bloomberg vessel-tracking data and port agent reports.

  • Shipments fell to 3.43mbpd from a revised 3.55mbpd for the week to April 21 but remain above year-to-date average. The four-week average fell by 100kbpd to 3.58mbpd but are still 120kbpd above target.
  • Domestic oil processing is still under pressure as refineries undergo seasonal maintenance and after Ukrainian drone attacks.
  • The first Sovcomflot tanker of Urals crude in several months is headed to India in a sign the country may accept cargoes delivered on vessels belonging to the shipper again.
  • Russia is also beginning to put tankers individually sanctioned by the US Treasury Department back into operation after the first sanctioned loaded last week.

Keep reading...Show less