Espreso. Global

Russian seaborne oil exports hit lowest point since July

26 November, 2024 Tuesday
13:33

Russian seaborne oil exports have plunged to their lowest level since July, hitting a two-month low after a sharp drop in supplies to India

client/title.list_title

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.

Tags:
Read also:
  • News
2025, Tuesday
4 February
21:45
Gimli robotic complex joins Ukraine's army, aiding in evacuation and resupply
21:30
Exclusive
When could Ukraine hold elections after the war? Lawyer explains
21:12
Ryanair plans to resume flights to Lviv, Kyiv 4-6 weeks after war ends
20:57
Black Sea tankers wreck: IMO holds Russia responsible
20:40
"Don't let them drain resources": military commander reacts to Trump
20:23
Polish Military Institute of Armament Technology, Ukrainian NAUDI agree to cooperate
20:07
Exclusive
USAID funding freeze: Expert Riabtsev on potential risks for Ukraine’s energy sector
19:51
Exclusive
Trump's proposal to get rare metals from Ukraine is political move – analyst
19:35
"We are open to U.S. investments": Zelenskyy responds to Trump's statement on rare earth elements
19:08
Ukraine to introduce mandatory psychological aid training for doctors – First Lady
19:02
Updated
Russian ballistic missile strike on Ukraine’s Izyum kills 5, injures 52
18:50
Exclusive
Ukrainian forces may have to withdraw from Chasiv Yar – military analyst
18:33
Von der Leyen urges EU to find "most creative way" to use Russian assets for Ukraine
18:15
Exclusive
Western weapons can now strike deep into Russia, but new problem emerges
17:54
U.S., Ukraine did not discuss elections before 2025 — Ambassador Markarova
17:34
Updated
"The situation is critical": IAEA chief visits key substations vital for Ukraine's nuclear power plants
17:14
Russian national hockey team banned from 2026 World Championship
16:55
Ukraine’s HIV response at risk amid U.S. aid freeze
16:33
Support for military aid to Ukraine declines in Poland
16:15
Russia equips Gerbera foam drones with warheads
15:56
Ukraine’s parliament approves defense loan agreement with UK
15:32
Ukrainian troops release GoPro footage of repelling Russian assault, eliminating two squads
15:14
OPINION
Ukraine’s power sector withstands winter challenges, but risks remain
14:55
Ukraine’s embassy facilitates meetings between Zelenskyy, Trump teams — Ambassador
14:33
Hopes for Russian democracy met harsh reality – Ex-MP Kendzior on Ukrainian diaspora in 1990s
13:57
Review
Russian advance slows down, how Ukrainian Armed Forces approaches change. Serhiy Zgurets' column
13:35
U.S. firefighters document impact of Russian strikes in Ukraine, set to release second film
13:16
Exclusive
Ukraine takes key step in reforming Armed Forces management system – military expert
12:55
Norway provides significant aid to Ukraine but profits from war-driven revenues
12:34
Exclusive
Ukraine Russia war live map, January 15-22
Russian forces scale back assaults in Pokrovsk sector: Ukrainian officer explains why
12:14
Exclusive
Ukraine Russia war live map, January 22-29
Russian forces pushing to launch battle for Kostiantynivka, Donetsk region
11:51
Ukraine retakes positions in Kupyansk, Russian command threatens troops with execution for retreating
11:32
OPINION
Where will Putin and Trump meet?
11:15
North Korean troops no longer fighting in Russia’s Kursk region — South Korean intel
10:53
110 clashes reported at front as Russian forces launch over 6,000 attacks on Ukraine
10:34
Russian army continues to suffer heavy losses despite slowing offensive – ISW
10:13
Scholz calls Trump’s proposal to trade Ukrainian rare earths for U.S. aid "very selfish"
09:54
Russian overnight attack on Ukraine: UAV debris hits Kyiv high-rise, fires in Cherkasy
09:35
Russia loses 1,270 soldiers, 92 drones, 18 tanks in one day of war in Ukraine
2025, Monday
3 February
22:00
Nearly 63,000 people are missing in Ukraine
More news