The cost of shipping Russian oil to India by sea has risen by 50% — Reuters
The cost of shipping Russian Urals crude from Russian ports to India has risen by approximately 50% compared to mid-July.
According to traders, the price increase was driven by a general rise in shipping costs and a shortage of vessels willing to call at Russian ports due to heightened risks of drone attacks.
Despite this, Russia expects to increase oil exports from its western ports in August thanks to steady demand from Asian buyers. However, sources speaking to Reuters note that the shortage of available vessels could limit the implementation of these plans.
According to the agency, a series of drone attacks on tankers in the Black Sea in July led to a temporary halt in oil shipments at the port of Novorossiysk and at the Caspian Pipeline Consortium (CPC) terminal. The increased risks have forced many shipowners to cancel voyages to the Black Sea region, complicating the search for vessels and leading to supply delays.
According to market participants’ estimates, the cost of transporting a shipment of approximately 100,000 metric tons of oil on an Aframax-class tanker from Primorsk to India rose to about $13 million, up from $8–9 million in mid-July.
According to traders, the cost of shipping a shipment of about 140,000 metric tons of crude oil from Novorossiysk to India on a Suezmax-class tanker has risen to approximately $15 million, up from $10 million two weeks ago.
This was reported by Reuters.
The EU has imposed sanctions against those who help Russia sell oil.
Earlier, Ukraine’s Foreign Ministry called for tougher sanctions following Russia’s attack on a tanker near Romania.
The EU will impose sanctions against Belarusian oil refineries for supplying gasoline to Russia.
