The volume of oil supplies from Russia by sea fell to the lowest in almost a year and a half
9.01.2025 - 11:51
Russian seaborne oil shipments have fallen to a 16-month low.
The four-week average of Russian seaborne crude exports fell to their lowest level since August 2023, to 2.92 million barrels per day (bpd), enkorr reported, citing Bloomberg data.
The latest drop added to a loss of 540,000 bpd since an October peak.
The two-and-a-half-month decline in volumes has been concentrated in ports in western Russia, and has been exacerbated by a decline in cargoes leaving Ust-Luga since mid-December.
Crude oil flows through the port in the four weeks to Jan. 5 fell 25% from the period to Oct. 20.
Daily crude oil flows in the week to Jan. 5 fell by about 190,000 bpd to 2.88 million. The decline was driven by lower flows from Russia’s Baltic and Arctic ports. Shipments also remained more than 25% below their recent high.
Crude oil shipments last year were about 80,000 barrels per day, or 2.5% below the average for the entire previous year.
The likely reason for the decline in seaborne oil shipments from Russia is the increase in the number of refineries, which is reducing the amount of crude available for export.
Some of the crude may have been diverted to Russia’s Pacific port of Kozmino, which last month saw record shipments of 993,000 barrels per day.
USM previously reported that drones from the Security Service of Ukraine attacked the port of Ust-Luga on the Baltic Sea. From there, the Russians transported oil and gas.
