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OIL: Urals Freight Rates to India Rise to Highest Since March 2024

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Russian Urals oil freight rates from its western ports to India have risen to the highest since March 2024 amid US sanctions on tankers carrying Russian oil and higher CPC blend loadings according to Reuters sources.

  • The cost from Russia's Baltic ports of Primorsk and Ust-Luga and Black Sea port of Novorossiisk to India rose to $8m for a one-way trip from an average of about $7.5m in February. The cost is well below a peak of $20m per voyage in 2022.
  • The cost from Russia's Baltic ports to India on an Aframax vessel was $4.7-4.9m in early January and from Novorossiisk to India for Suezmax tankers was $4.3-$4.5m.
  • Exports of Kazakhstan's CPC Blend to Asia were expected to stay high in March and April supporting freight rates as demand rises for the limited number of available tankers, Reuters sources said.
  • However, Kazakhstan is optimising oil production in March until fulfilment of OPEC+ obligations, the deputy energy minister said today.
  • Chinese and South Korean buyers are replacing more expensive Middle Eastern oil with CPC Blend.
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Russian Urals oil freight rates from its western ports to India have risen to the highest since March 2024 amid US sanctions on tankers carrying Russian oil and higher CPC blend loadings according to Reuters sources.

  • The cost from Russia's Baltic ports of Primorsk and Ust-Luga and Black Sea port of Novorossiisk to India rose to $8m for a one-way trip from an average of about $7.5m in February. The cost is well below a peak of $20m per voyage in 2022.
  • The cost from Russia's Baltic ports to India on an Aframax vessel was $4.7-4.9m in early January and from Novorossiisk to India for Suezmax tankers was $4.3-$4.5m.
  • Exports of Kazakhstan's CPC Blend to Asia were expected to stay high in March and April supporting freight rates as demand rises for the limited number of available tankers, Reuters sources said.
  • However, Kazakhstan is optimising oil production in March until fulfilment of OPEC+ obligations, the deputy energy minister said today.
  • Chinese and South Korean buyers are replacing more expensive Middle Eastern oil with CPC Blend.