Russian oil exports through the port of Novorossiysk in the Black Sea dropped sharply last week. This led to a fall in total supply volumes and a decrease in the Kremlin's oil revenues, reports UNN with reference to Bloomberg.
Details
According to the agency, only one crude oil tanker left Novorossiysk during the seven days leading up to May 10. As a result, the average volume of Russian oil exports over four weeks fell to 3.64 million barrels per day, compared to 3.68 million barrels a week earlier.
Bloomberg notes that at the beginning of the week, warnings about possible drone attacks were issued several times in Novorossiysk. Strong winds and unfavorable weather conditions could also have complicated the port's operations. Satellite imagery showed that the oil berths remained empty for several days.
In the week to May 10, 29 tankers loaded 21.94 million barrels of Russian oil. The previous week, 34 vessels transported 26.88 million barrels.
In terms of daily averages, exports fell to 3.13 million barrels per day, compared to 3.84 million barrels a week earlier.
Amid the drop in supplies, Moscow's oil export revenues also decreased. The average gross revenue from the sale of Russian oil for the four weeks to May 10 fell to $2.34 billion per week. For the previous period, this figure was $2.43 billion.
Russia has become a key oil supplier for Syria - Reuters01.05.26, 18:46
In addition, the discount on Russian Urals oil increased at the end of the week. According to Argus Media, the discount for the Urals grade from Russia's western ports reached $23.9 per barrel relative to the Dated Brent benchmark.
Bloomberg also reported that supplies of Russian oil to Asian buyers, including tankers without a specified final destination, rose to 3.45 million barrels per day.
At the same time, officially declared supplies to China and India decreased. Some tankers continue to hide their final routes, indicating intermediate points or not disclosing the final delivery destination at all.
As a reminder
Earlier, it became known that the UAE could crash oil prices and weaken Russia's budget. The country plans to withdraw from OPEC and increase oil production. This would crash global prices and make Russian exports unprofitable due to high production costs.