Bloomberg: Russia’s seaborne exports of crude jumped to a five-month high last week. Russia’s seaborne crude exports rose to 3.6 million barrels per day. On December 5, a ban on insurance and servicing of vessels carrying Russian sea-based crude oil will come into effect.
Russia’s seaborne crude exports soared to a five-month high last week as buyers scrambled to get their hands on as much cheap Russian crude as they could ahead of sanctions that take effect next month, according to Bloomberg.
Russia’s seaborne exports of crude rose to 3.6 million barrels per day, Bloomberg reported on Monday – the highest level since early June. Even the four-week average hit a high not seen since August of 3.18 million bpd. Figures include only Russian oil and not Kazakhstan’s KEBCO. Russia’s seaborne crude exports to European countries – excluding Turkey – climbed to a six-week high in the four weeks to November 4 at 762,000 bpd – up 7% from the previous month. Russia’s seaborne crude exports to Mediterranean countries, including Turkey, rose slightly in the four-week period, while shipments to Bulgaria and Romania were flat at 167,000 bpd – about half from June. Russia’s crude oil exports by sea to Asia and vessels with no specific destination jumped in the four-week period to 2.067 million bpd – the highest level so far this year. Russia’s export earnings rose $16 million to $149 million in the week to Nov. 4—Russia’s highest export earnings in five weeks. On December 5, a ban on insurance and servicing of vessels carrying Russian seaborne crude will come into effect unless it is bought at a price below a fixed price ceiling, to be set by the G7 nations and Australia, although the UK will issue exemptions for Russian oil contracts if they were signed before 5 December and delivered before 19 January. The G7 has yet to set a price for the cap. By Julianne Geiger for Oilprice.com More top reads from Oilprice.com: Download the free Oilprice app today Return to home page
