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, Friday
17 January
17:54
In Kryvyi Rih, man lost his second wife in Russian attack, having buried his first during Kherson's occupation
17:35
97 clashes reported on Russian-Ukrainian front on Jan.17: tense situation in Pokrovsk sector
17:19
Updated
Russian ballistic missile strike on Ukraine’s Kryvyi Rih leaves four dead, several injured
17:14
OPINION
From powerhouse to prison: Russia’s descent under Putin
16:53
Ukrainian forces neutralize, capture Russian soldiers behind execution of two POWs
16:34
Exclusive
Trump's team knows losing Ukraine means China wins war – politician Rybachuk
16:15
How Russia’s ties with Iran shape war in Ukraine
16:00
Updated
Ukraine-Southeast Europe ministerial meeting in Kyiv issues joint communiqué
15:56
Review
Flying nonstop for over two days: inside Penguin drones supporting Ukrainian forces at front
15:35
Exclusive
Ukrainian general names three key strategic targets for Ukraine's long-range strikes on Russia
15:12
Russia's inflation surges as Central Bank faces political pressure
14:51
Russian drone attacks Ukrainian Witness filming crew in Zaporizhzhia sector
14:34
BTR-D
Russian forces use sunk BTR-Ds to create river crossings in Kursk
14:15
OPINION
Ukrainian refugees at risk: why is Slovakia threatening to halt aid?
13:33
Ukraine to introduce basic military training in universities
13:11
Exclusive
Russian forces try to surround Velyka Novosilka from almost all directions — military expert
12:54
OPINION
"Deal of the century": grandiose rhetoric, but still missing the mark
12:30
Ukrainian forces hit Russian radar equipment in Belgorod region
12:10
Exclusive
Europe either wakes up this year or becomes Russia’s next target — Ukrainian diplomat
11:50
Exclusive
Russian forces fail to cross Oskil River in Ukraine’s Kharkiv region — Ukrainian officer
11:33
Russia launches drone barrage on Ukraine, injures child in Kyiv
11:13
Russia's attacks cause nearly one-third increase in civilian casualties in Ukraine in 2024
10:55
Russian diplomats gain unauthorized access to restricted UK Parliament area
10:36
Review
New UK agreement: financial aid, deployment of peacekeepers to Ukraine. Serhiy Zgurets’ column
10:13
Ukraine reports 141 combat clashes, halts 53 Russian attacks in Pokrovsk direction
09:54
German FM criticizes Scholz government over €3 billion aid delay to Ukraine
09:32
Russia loses 1,670 soldiers, 13 armored vehicles, 12 tanks in one day of war in Ukraine
2025, Thursday
16 January
21:20
Updated
Zelenskyy responds to Polish presidential candidate opposing Ukraine’s EU, NATO membership
20:54
Exclusive
Moscow unlikely to agree to peacekeepers in Ukraine - Institute of World Policy
20:33
Exclusive
Trust in U.S., West declines among Ukrainians - survey
20:10
Exclusive
Russia struggling to counter Ukrainian strikes on oil depots
19:51
From canal to battlefield: Russia’s push against Chasiv Yar
19:33
Exclusive
Russian forces push to expand foothold toward Borova in Kharkiv region
19:12
Exclusive
Pokrovsk holds strategic value for Putin, but he won't succeed — general Malomuzh
18:51
North Korean troops choose death over capture: military expert explains why
18:30
UN plans to raise $2.6 billion for Ukraine in 2025
18:09
Russian forces launch 31 attacks in Pokrovsk direction, most repelled by AFU
17:50
EU should delay Russia sanctions decision until Trump inauguration, Hungary says
17:30
'Russia will get our response': Zelenskyy on drone attack during meeting with Starmer in Kyiv
17:12
Russia's latest missile strike: spontaneous move or strategic shift?
More news