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Russian Oil Flows Fall as the EU Edges Closer to Sanctions

  • Seaborne crude shipments fell 14% in the week to April 29
  • Pacific flows tumble with Russian tankers idle off terminals
Russia’s Seaborne Crude Flows | Flows in the week ending April 29 compared with week ending April 22

While Asia is still snapping up cheap Russian oil from ports that normally deliver to Europe, customers appear to be backing away from cargoes on Russian-owned vessels. That’s undermined flows from Pacific Ocean terminals, cutting nationwide shipments.

Seaborne exports of the nation’s crude fell back in the seven days to April 29 compared with the previous week, even as the volume shipped to Asia from ports on the Black Sea, Baltic and Arctic coasts soared.