Russia sharply reduced oil exports: what was the reason?

Russian seaborne oil exports fell to their lowest level in a month due to a temporary halt to shipments at the Baltic port of Primorsk. The value of shipments fell by about $380 million over the past week.

This is reported by Bloomberg, citing tanker tracking data.

In the four weeks to October 18, average daily seaborne oil exports from Russia were 3.59 million barrels. This is 110,000 barrels less than in the previous similar period.

Over the past week, supply volumes have decreased by 390,000 barrels per day to 3.13 million. This is the lowest weekly figure since March.

According to the agency, tanker traffic at the port of Primorsk was suspended for about three days last week. The reason could be maintenance work at the port or the oil pipeline that supplies it.

At the end of the week, shipments in Primorsk resumed. At the same time, deliveries through the Black Sea port of Novorossiysk increased, so the reduction in exports may be temporary.

The drop in volumes has affected the value of supplies. According to Bloomberg estimates, it has decreased by about $380 million in the last week to $2.33 billion, the lowest level in six weeks.

In addition, according to OPEC, Russian oil production fell to 8.64 million barrels per day in September, the lowest level since mid-2020.

Recall that earlier India began to reduce purchases of Russian oil due to its rising price . According to Bloomberg, Indian refineries were more actively looking for alternative supplies from the Persian Gulf countries.

In addition, global oil prices fell on October 19 after the easing of US sanctions against Russia . The market reacted to the possibility of increased supplies of Russian energy carriers.

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