The Strategist

Bloomberg: Russia pushes Urals oil offshore transshipment to record levels

01/27/2023 - 06:12

Since the implementation of an energy price cap, the transshipment of Russian Urals oil at sea has increased to record levels, according to Bloomberg, which cited tanker tracking data.
Shipments of the Urals might reach a record 14 million barrels by the end of January. In December 2022 and January 2023, 19 million barrels will be transshipped.

Five supertankers from the port of Ceuta on Spain's African coast are reportedly participating in the transshipment of Russian Urals, according to Bloomberg estimates. Two of them are in Ceuta, while three more have already sailed to Asia, according to the tanker tracking data. Six tankers carrying Urals from Baltic Sea ports should reach Ceuta by the end of the month as well.

According to Bloomberg, the G7 and EU governments' $60 per barrel price cap on Russian oil imports on December 5, 2022, resulted in a significant decrease in Russia's tax revenues.

In light of this, Reuters reported in January that Russian oil exports from ports in the Baltic Sea to Asian nations rose by 27% from December 2022.



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