Russia’s maritime oil exports have fallen to minimum due to US sanctions, - Bloomberg
Sea deliveries of crude oil from Russia have fallen sharply, recording their biggest drop since January 2024 amid new US sanctions.
This was reported by Bloomberg, citing ship tracking data, according to Censor.NET.
As noted, the average four-week volume of exports from Russian ports was 3.58 million barrels per day as of November 2, which is 190,000 barrels less than a week earlier.
The decline in exports has reduced Moscow's oil revenues to their lowest level since August. The US ban on cooperation with Russia's largest exporters, Rosneft and Lukoil, has reduced the weekly value of exports to $1.15 billion, which is 27% less than in the previous period.
Oil refineries are buying less Russian raw materials, causing the volume of oil stored in tankers at sea to increase by 8% since the beginning of September, to 380 million barrels.
The main buyers remain India, China, and Turkey, which together account for more than 95% of Russian exports by sea.
"Over time, you will see that more and more Russian oil, which has been subject to supply disruptions, will find its way onto the market one way or another. This is always the case," said Torbjörn Törnqvist, CEO of Gunvor Group.
What preceded it?
- On October 23, the US Treasury Department announced sanctions against major Russian oil companies Rosneft and Lukoil. The reason for the additional sanctions is Russia's lack of serious commitment to the peace process aimed at ending the war in Ukraine.
