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OIL
Russia’s seaborne crude exports fell to the lowest in over a month as high winds at Komino disrupted early March loadings, according to Bloomberg.
- Gusts of up to 48 mph at the Pacific port prevented tankers from mooring, cutting loadings by over 40% over the week.
- Total Russian flows in the week to March 3 fell by 0.72m b/d to 2.78m b/d.
- Flows of sokol grade have also been hampered by Indian buyers wary of sanctions ad complaining that the cargoes are too expensive.
- The less volatile four-week average was down 230k b/d to 3.22m b/d.
- Weekly shipments were about 810k b/d below the May-June average and 510k b/d below Russia’s Q1 target. The Four-week average was around 60k b/d below the target.
- Russia’s ability to export its crude may face upcoming issues after the US slapped sanctions on 14 tankers owned by Sovcomflot., the Russian state tanker company.
Source: Bloomberg
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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