The Strategist

Bloomberg: Russia cuts oil exports by sea to the lowest since August

11/24/2023 - 08:15

Ahead of the 26 November OPEC+ ministerial meeting, Russia reduced its oil exports by sea to 2.7 million barrels per day in the period of November 13–19. This is the lowest level since August. Bloomberg claimed, referring to ship traffic data, that maritime shipments fell by 580,000 bpd from the previous week.

Bin im Garten
Bin im Garten
The average amount of Russian oil exports during the four weeks (up until November 19) was 3.23 million bpd, according to Bloomberg, which indicates reduced volatility. This is the lowest in eight weeks and represents a decrease of almost 200,000 bpd from the week ending on November 12.

According to the agency, Russia delivered the most oil by sea to China (about 1.19 million bpd) and India (1 million bpd) in the four weeks to 19 November. At the same time, the calculations did not take into account shipments of about 510,000 bpd, which went to the Egyptian port of Suez or the South Korean port of Yeosu. Bloomberg claims that these cargoes are apparently going to China and India.

According to the agency's calculations, the average revenue from oil duties for the week from 13 to 19 November was $68 million, and for the four weeks to 19 November - $78 million. This is the lowest level of revenue for the Russian treasury from maritime shipments in the last two months, Bloomberg notes.


< >

Thursday, July 18th 2024 - 06:44 Biden diagnosed with COVID-19