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OIL: Signs of Distressed Russian Cargoes Build

OIL
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One of the recently sanctioned Russian tankers with a cargo on board has been floating off India for two days according to Bloomberg tracking, highlighting potential discharging difficulties.

  • The Cordelia Moon had planned to discharge at India’s Vadinar on Feb. 9 after carrying around 1 mn bbls of Urals crude from Russia’s Black Sea port of Novorossiysk Jan. 10-12.
  • The shipment marks the first observed arrival of Surgutneftegas barrels that loaded after a Jan. 10 cutoff.
  • India’s oil secretary Pankaj Jain said earlier that cargoes from sanctioned entities wouldn’t be accepted if they loaded after Jan. 10.
  • The sanctions have mainly hit Sokol cargoes rather than Urals. 6.3mn bbls of crude shipments from Russia's Sakhalin Island projects are being held on vessels that have been stationary for at least a week due to US sanctions Bloomberg tracking showed earlier on Thursday.
  • Russia's oil exports have plunged, with daily crude flows down by about 750,000 barrels, or 25%, from the previous week to 2.3 million.
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One of the recently sanctioned Russian tankers with a cargo on board has been floating off India for two days according to Bloomberg tracking, highlighting potential discharging difficulties.

  • The Cordelia Moon had planned to discharge at India’s Vadinar on Feb. 9 after carrying around 1 mn bbls of Urals crude from Russia’s Black Sea port of Novorossiysk Jan. 10-12.
  • The shipment marks the first observed arrival of Surgutneftegas barrels that loaded after a Jan. 10 cutoff.
  • India’s oil secretary Pankaj Jain said earlier that cargoes from sanctioned entities wouldn’t be accepted if they loaded after Jan. 10.
  • The sanctions have mainly hit Sokol cargoes rather than Urals. 6.3mn bbls of crude shipments from Russia's Sakhalin Island projects are being held on vessels that have been stationary for at least a week due to US sanctions Bloomberg tracking showed earlier on Thursday.
  • Russia's oil exports have plunged, with daily crude flows down by about 750,000 barrels, or 25%, from the previous week to 2.3 million.