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7 Feb, 2024 06:10

Russian seaborne oil shipments rebound – Bloomberg

Exports had previously dropped due to storms and maintenance works
Russian seaborne oil shipments rebound – Bloomberg

Maritime exports or Russian crude oil saw a strong recovery in the week to February 4 after two weeks of disruptions, Bloomberg reported on Tuesday, adding that the flows from the country’s major ports were record-equaling.

Weekly average shipments reportedly increased by some 880,000 barrels per day, marking the highest since the beginning of the year.

Flows from the country’s main export terminals gained significantly. Shipments from the Pacific port of Kozmino recovered to match previous highs after a storm halved exports the week before. At the same time, the Baltic port of Ust-Luga saw an increase after maintenance work cut flows late last month. Meanwhile, exports from Primorsk port in the Gulf of Finland equaled the previous week’s record.

In monetary terms, Russia’s crude exports reportedly jumped to $1.79 billion in the seven days to February 4 versus $1.32 billion recorded in the previous week, marking the highest in more than three months. At the same time, four-week average income rose by $86 million to $1.49 billion a week.

The surge put Russia’s shipments nearly 400,000 barrels per day above the level Kremlin agreed on with its OPEC+ allies for the first quarter on a weekly basis. However, the levels are still 100,000 barrels per day below that target on a four-week measure.

Russia has pledged to cut oil exports by 500,000 barrels per day below the May-June average during the first quarter of the current year, after several other members of the group agreed to make further output curbs. The reduction is expected to be shared between Russian crude shipments that will be cut by 300,000 barrels per day, and refined products.

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