“Russian crude oil exports fall amid drone strikes and Trump tariffs – BloombergRussian oil supplies decreased by 320,000 barrels per day in the week to August 24 due to infrastructure damage and the doubling
of US tariffs on Indian goods. Export volumes to India have fallen by more than 500,000 barrels per day in the last two months.
”, — write: unn.ua
DetailsAccording to Bloomberg, oil supplies from Russian ports decreased by 320,000 barrels per day in the week ending August 24. Supplies fell to a four-week low of 2.72 million barrels per day due to reduced shipments from the Baltic port of Ust-Luga. As a result of the decline, the average four-week supply values remained almost unchanged: the average volume of sea transportation was 3.06 million barrels per day, the publication writes.
As indicated, this is happening against the backdrop of attacks on Russian oil infrastructure, including a large pumping station of the country’s export pipeline network and several oil refineries.
As indicated, the Unecha pumping station of the Druzhba pipeline system near Russia’s border with Belarus has been hit twice in the past two weeks. This, as indicated, “stopped oil supplies via the pipeline to Hungary and Slovakia and apparently made shipments from the port of Ust-Luga on the Russian Baltic Sea coast difficult.”
The presence of tanks in the port means that any disruption in supplies can lead to an immediate drop in shipment volumes, the publication notes. Last week, only two tankers were loaded in Ust-Luga, which is less than four in the previous seven days and six in the week ending August 10, according to tracking data and shipping reports.
Recent attacks on the Volgograd and Novoshakhtinsk refineries, it is noted, “contributed to a decrease in Russian oil refining volumes by approximately 700,000 barrels per day in the third week of August compared to the average for the last week of July.”
In addition, US President Donald Trump’s decision to double US import duties on goods from India to 50%, imposed in connection with New Delhi’s purchases of Russian oil, seems to be negatively affecting Russian oil supplies from Moscow to this South Asian country, although it is unclear how long this trend will continue, the publication writes.
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Volumes of supplies to India have decreased by more than 500,000 barrels per day in the last two months, and even if all tankers without confirmed destinations eventually unload in Indian ports, flows will still decrease by 300,000 barrels per day, or 17%, the publication notes.
The tariff increase may still be canceled or suspended, but refineries plan to reduce purchases of Russian oil in the coming weeks, which is a modest concession to Washington’s pressure, but also a signal that New Delhi does not plan to break relations with Moscow. Nevertheless, Russia believes that the discounts it offers to Indian refineries are large enough for them to continue buying its oil.
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The US President has repeatedly stated that he will tighten sanctions against Moscow if it fails to agree on a ceasefire in Ukraine, most recently on Friday, but the threats have so far led to nothing, the publication writes.
Trump’s recent meeting with Kremlin head Vladimir Putin in Alaska showed that the Russian leader conceded little, but achieved another postponement of the threat of additional US tariffs on China. Chinese refineries have stepped up purchases of discounted goods that India has rejected.
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According to vessel tracking data and port agent reports, in the week ending August 24, 25 tankers loaded 19.07 million barrels of Russian oil. This volume decreased compared to 21.3 million barrels shipped by 28 vessels in the previous week.
Oil flows between August 24 and August 24 averaged about 3.06 million barrels per day over four weeks, up 20,000 barrels per day from the period ending August 17. The four-week average smooths out sharp fluctuations in weekly figures, providing a clearer picture of underlying trends in oil flows. Using more volatile weekly data, supplies fell by approximately 320,000 barrels to a four-week low of 2.72 million barrels per day. The decrease in weekly cargo volumes was due to a reduction in the number of cargoes shipped in Ust-Luga, the publication writes.
In addition, during the week, one shipment of Kazakh KEBCO oil was made from Ust-Luga and one from Novorossiysk.
The gross value of Moscow’s exports for the week ending August 24 decreased by approximately $110 million, or 9%, to $1.11 billion from $1.22 billion the previous week. The drop in supplies was exacerbated by slightly lower average prices for Russian oil, the publication writes.
Observed supplies to Russia’s Asian customers, including those without a final destination, fell to 2.62 million barrels per day in the 28 days to August 24, compared to 2.67 million barrels per day in the period to August 17. This is the lowest figure since February.
These figures include about 190,000 barrels per day on vessels from western ports indicating Port Said or the Suez Canal as their destination, or from Pacific ports without a clear delivery point, as well as another 30,000 barrels per day on tankers that do not yet have a destination signal.
Flows to Turkey in the four weeks to August 24 increased to approximately 370,000 barrels per day, the highest level in almost two months. Supplies to Syria averaged about 70,000 barrels per day.
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