Russia's maritime oil exports rebounded last week, with a surge in cargo from the Arctic region helping to stabilize the four-week average, Bloomberg reports, UNN writes.
Details
According to vessel tracking data and port agent reports, a total of 31 tankers loaded 23.96 million barrels of Russian crude oil in the week to November 10. The volume was up from a revised 22.13 million barrels on 30 vessels in the previous week.
Deliveries for the week rose by about 260,000 barrels per day in the period through November 10, as a rebound in shipments from the Arctic port of Murmansk more than offset a drop in shipments from Russia's main Pacific terminal in Kozmino, the newspaper writes. Shipments from the Black Sea port of Novorossiysk, as indicated, also recovered from the previous week's level, which was affected by maintenance. Exports were up slightly over the four weeks.
The Kremlin's oil revenues, as indicated, rose along with an increase in average weekly prices for Russia's main oil supplies, which amplified the effect of higher exports. Together, they increased the gross value of Moscow's exports by about $160 million to $1.56 billion in the week to November 10, the newspaper writes.
Shipments in the Arctic were expected to increase, with four tankers in or very close to the Murmansk Bay at the beginning of last week. The shipments there are likely to be reduced again, with one tanker already leaving the port and two more expected to arrive later in the week, the newspaper writes.
Russia's primary oil refining increased in the first week of November as seasonal maintenance passed its peak. This is likely to reduce the amount of crude oil available for export, although the effect may be offset by a drone strike on Rosneft's Saratov refinery, the publication notes.
Підрозділи ГУР завдали ураження по Саратовському НПЗ у рф - джерела08.11.24, 12:06
Russia increased oil production almost in line with its OPEC+ production target in October, including a moderate compensatory cut to offset previous overproduction, according to people familiar with the Russian Energy Ministry. This comes after the group of oil producers, which Russia leads with Saudi Arabia, postponed for the second time a plan to begin restoring some of the supplies it has cut in recent years. Moscow will have to wait until at least early next year to achieve its planned production growth, although this could be postponed again, the newspaper said.