“Seaborne exports of Russian oil rose ahead of OPEC+ ministerial talks on production policy for early 2025, amid signs the alliance may have to delay for a third time plans to start putting barrels back on the market.”, — write: epravda.com.ua
Seaborne exports of Russian oil rose ahead of OPEC+ talks on output policy for early 2025, amid signs the alliance may have to delay for a third time plans to start putting barrels back on the market. Bloomberg writes about it. The four-week average rose by about 50,000 bpd in the period to Dec. 1, driven by a rise in weekly supplies for the first time in three weeks. Growth was concentrated in the country’s western ports, where flows from all export terminals recovered after two weeks of below-normal figures.Advertisement: Loads at the key Pacific hub of Kozmino suffered from strong winds for part of the week, cutting operations by a third. In total, 30 tankers loaded 23.5 million barrels of Russian oil in the week before December 1. This was up from a revised 19.5 million barrels on 26 vessels the previous week. Daily oil supplies for the week to December 1 increased by approximately 570,000 barrels to 3.36 million barrels. The increase was driven by higher flows from the country’s western ports, as well as more vessels departing from ports in the Baltic, Black and Arctic seas.Advertisement: The less volatile four-week average flows also rose, increasing to an average of 3.13 million barrels for the first time in three weeks. per day, which is 50 thousand barrels more compared to the revised indicator for the period until November 24. Oil supplies in 2024 are about 60,000 barrels per day, or 1.8%, lower than the average for all of 2023. The Kremlin’s revenues from oil sales increased, with a slight decrease in average weekly prices for Russia’s main oil flows only partially offsetting the jump in weekly export volumes. In the week before December 1, the gross value of Moscow’s supplies increased by about $230 million to $1.5 billion. We will remind: Russia supplied North Korea with more than a million barrels of oil in exchange for weapons and soldiers. OPEC+ is making progress in reaching an agreement to delay the resumption of oil production for another three months.
