Seaborne oil exports from Russia increased last week

Seaborne oil exports from Russia rose by about 260,000 barrels per day last week.

Seaborne crude exports from Russia rebounded last week on a surge in shipments from the Arctic region, Bloomberg reported.

Weekly shipments rose by about 260,000 barrels per day in the period to Nov. 10 as the resumption of supplies from the Arctic port of Murmansk more than offset a drop in supplies from Russia’s main Pacific terminal at Kozmino.

Shipments from the port of Novorossiysk also rebounded from the previous week’s levels.

A total of 31 tankers loaded 23.96 million barrels of Russian crude in the week to Nov. 10, according to vessel tracking data. That was up from a revised 22.13 million barrels on 30 vessels the previous week.

The publication noted that the average four-week income fell to about $1.53 billion per week from a revised $1.54 billion for the period to November 3.

Thus, the price of Russian supplies from the Baltic and Black Seas in the four weeks to November 10 decreased by almost $1 per barrel compared to the period to November 3. Prices for the key Pacific grade ESPO were lower by about $0.60 per barrel.

As a reminder, the finance ministers of the G7 countries announced their intention to intensify efforts to prevent Russian attempts to circumvent sanctions against Russian oil.