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OIL
Russia’s Oil Exports to China via the Arctic shipping route have hit a record high in 2023, but unpredictable voyage times remains an impediment to boosting volumes, Platts said.
- Russia's exports from Arctic and Baltic ports to China reached 10.4m bbl in the 2023 summer season, according to Platts, up from 484k bbl in 2022; a fraction of the total 80m bbl shipped to China.
- Shipping via the Arctic route can cut voyage times to China with Murmansk-China averaging 27 days, compared to 50 via Suez.
- Yet, voyages are susceptible to long delays because of ice, making the journey times unpredictable and delaying some tankers by two weeks.
- Long voyage costs hurt the economics and thus volumes shipped via the arctic are expected to remain will be modest compared to those transiting via Suez.
- Ramping up arctic oil shipments will also stretch Russia's technical capacity to accompany shipments with ice-breaker escorts.
Source: S&P Global Commodity Insights
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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