Russia’s seaborne oil exports fall to lowest level since March — OilPrice

In the Russian Federation, an aggressor state, seaborne crude oil exports fell by 390,000 barrels per day over the week to 3.13 million barrels per day. This is the lowest figure since March, OilPrice reports, citing Bloomberg tanker-tracking data.

Over the four weeks to October 18, average shipments amounted to 3.59 million barrels per day, 110,000 barrels lower than in the previous four-week period. During the week, 21.91 million barrels of oil were loaded onto 31 tankers, compared with 24.63 million barrels loaded onto 34 vessels a week earlier.

Suspension of shipments in Primorsk

Supplies from the Baltic port of Primorsk were halted for about three days, according to the publication. Satellite images showed empty berths, while tanker-tracking data showed no vessel arrivals or departures. OilPrice notes that the cause could have been technical work at the port or on the pipeline supplying it. Shipments resumed at the end of the week.

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Oil production in Russia is also declining. According to OPEC secondary-source estimates, it stood at 8.64 million barrels per day in September, the lowest level since mid-2020 and the tenth consecutive month of decline. In addition, a decree dated September 28 restricted public disclosure of data on petroleum product production, export contracts, supply routes, and tanker coordinates.

Declining revenues and supplies to Asia

The value of Russia’s weekly seaborne oil exports fell by approximately $380 million to $2.33 billion. This is the lowest figure in six weeks. China and India remain the largest buyers of Russian oil, but the average volume of supplies to Asian buyers over four weeks decreased from 3.54 million to 3.43 million barrels per day.

In September, Russia also began commercial exports from Rosneft’s Arctic Vostok project: approximately 250,000 metric tons of oil were loaded onto three ice-class tankers. Initial export volumes this year are expected at 150,000 barrels per day, significantly below the project’s initial target of 2 million barrels per day.