Russian crude oil exports dropped to a two-month low, driven by a decline in shipments from the country’s Western ports, according to tanker-tracking data released by Bloomberg on Tuesday.
For the four-week period ending November 17, Russian crude exports by sea fell to 3.28 million barrels per day (bpd), a decrease of 150,000 bpd compared to the previous four-week average, which ended on November 10. This marked the largest drop since July. In the week ending November 17, daily exports plunged by about 740,000 barrels to 2.83 million bpd, the lowest level since early July.
The drop was primarily due to reduced shipments from Russia’s Baltic, Black Sea, and Arctic ports, while exports from its Pacific ports remained steady. A total of 26 tankers loaded 19.8 million barrels of Russian crude in the week to November 17, down from 24.98 million barrels loaded by 32 tankers the previous week. The decline was mainly due to a 30% drop in exports from the Baltic and Black Sea terminals. This could be linked to higher refinery activity in mid-November, which resulted in less crude being available for export, according to Bloomberg.
In October, Russia’s crude oil exports reached a four-month high, as reduced refinery capacity during heavy maintenance led to more crude being available for export. At that time, Russian crude exports averaged 3.47 million bpd in the four weeks to October 20, up 140,000 bpd from the previous month.
However, recent challenges could affect future exports. Some Russian refineries are now facing financial difficulties due to the gasoline export ban, which is in effect until December 31, 2024. These refineries are reportedly reducing their output rates, with some even considering halting operations as they struggle with losses caused by export restrictions, rising oil prices, sanctions, and the ongoing threat of Ukrainian drone attacks.
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