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Russia’s Pacific Crude Exports Tumble as Sanctions Start to Bite

  • Sokol crude shipments grind to a virtual halt as Exxon quits
  • Exports of ESPO crude piped from Siberia are holding up

Russian oil flows from ports on its Pacific coast are tumbling as sanctions make shipping more complicated and international oil companies step back.

Just one cargo of Sokol crude, pumped by Exxon Neftegas Ltd from beneath the waters off Sakhalin Island, has been shipped since April 27. Five more that should have been loaded in that time have been missed, according to ship tracking data monitored by Bloomberg.  Exxon curtailed oil output at its giant Sakhalin-1 development as President Vladimir Putin’s war in Ukraine and subsequent international sanctions made it increasingly difficult to operate.