Russian seaborne oil exports hit lowest point since July

Bloomberg reported that in the four weeks leading up to November 24, the average monthly export volume fell by about 150,000 barrels per day. The steepest drop came from Russia’s western ports, with volumes down 25% compared to the monthly average.

Since most export shipments originate from western terminals, this decline has significantly affected supplies to India. Shipments from the Baltic, Arctic, and Black Seas have all fallen below 1 million barrels per day — over 500,000 barrels less than in mid-October.

The report highlighted that these shifts coincide with upcoming OPEC+ talks scheduled for Sunday. The ministers are set to discuss extending production restrictions. Russia had already pledged to cut production in October and November to offset prior overproduction, which likely contributed to the export slowdown.

Official data shows that last month’s production was close to the target Russia committed to under the OPEC+ framework.

Meanwhile, the UK has added two more Russian insurance companies, AlfaStrakhovanie Group Plc and VSK, to its sanctions list. Despite the sanctions, four of these companies remain licensed to insure marine vessels in India. Additionally, London has sanctioned 30 tankers carrying Russian oil, including 14 vessels already under U.S. or EU restrictions.

Tracking data and port reports revealed that 27 tankers transported 20.5 million barrels of Russian crude in the week ending November 24, a slight increase from the previous week. While shipments from Arctic ports saw an uptick, flows from the Pacific region remained steady.

Export prices at Baltic ports rose by about $2.30 per barrel compared to the previous week. Black Sea Urals crude prices increased by $2.10 per barrel, while key Pacific ESPO crude prices edged up by $0.90. Oil deliveries to India also saw a $2-per-barrel price hike, according to Argus Media.

Despite these price increases, four-week average export revenue dropped to $1.4 billion per week.

Bloomberg noted that Russian oil prices from Baltic ports fell by about $0.10 per barrel in the four weeks ending November 24 compared to the previous week, while Pacific ESPO prices dropped by $0.20 per barrel. In contrast, Black Sea shipments and Indian deliveries saw modest price gains.

• The UK unveiled its largest sanctions package targeting Russia’s shadow oil fleet, imposing restrictions on 30 vessels.