Storms and maintenance block 2/3 of Russian exports
A storm and scheduled maintenance forced Russia to suspend about two-thirds of shipments of its most exported crude, Urals, from Baltic and Black Sea ports on Friday.
The Baltic Sea port of Primorsk will not see any shipments of Urals crude during the period from December 13 to 18, according to LSEG data and traders who spoke to Reuters .
Additionally, Urals shipments from Novorossiysk, Russia's main Black Sea Urals cargo port, were suspended Friday due to a storm.
As of Friday, only one Russian port, Ust-Luga on the Baltic Sea, was loading and shipping the Ural mixture.
Cargoes from Ust-Luga, which loads both Russia's Urals and Kazakhstan's Urals (KEBCO) blend, are expected to average about 650,000 barrels per day (bpd) for December, according to estimates reported by Reuters.
Overall, all ports in Russia's western regions, i.e. ports on the Black Sea and Baltic Sea, are expected to load around 1.9 million bpd this month, down 6% from November.
Russia's crude shipments rose in the four weeks to Dec. 10 after Black Sea storms that disrupted cargoes in November eased, tanker tracking data tracked by Bloomberg early in the month showed. week.
Russia's crude shipments from all its ports averaged 3.2 million bpd in the four weeks to Dec. 10, an increase of about 114,000 bpd from the average for the four weeks to Dec. 3, according to data reported by Julian Lee of Bloomberg.
Meanwhile, Russia's oil revenues fell in November to the lowest level since July, due to falling crude export prices and volumes, the International Energy Agency (IEA) said on Thursday.
Russian export revenues from crude oil and petroleum products fell 17% month-on-month in November to $15.2 billion, the lowest level for Moscow since July this year, the agency said in its December Oil Market Report .
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/tempeste-e-manutenzioni-bloccano-i-2-3-delle-esportazioni-russe/ on Fri, 15 Dec 2023 16:09:03 +0000.