Russia’s Seaborne Crude Exports Surge After Disruptions End
Flows jump by 900,000 barrels a day on recovery from storms and maintenance
Two tankers transfer a cargo of Russian oil in the Laconian Gulf off Greece.
Photographer: Laurent Laughlin/BloombergRussia’s seaborne crude shipments rebounded strongly from two weeks of disruptions, with record-equaling flows from the country’s main export terminals.
Eleven tankers completed loading of the country’s ESPO crude at the Pacific port of Kozmino, recovering after a storm halved exports the week before and matching previous highs. Volumes from the Baltic port of Ust-Luga also gained in the week to Feb. 4, after maintenance work cut flows late last month, while shipments from Primorsk equaled the previous week's record.
The bounce back saw weekly average shipments surge by about 880,000 barrels a day to the highest this year. That put flows 400,000 barrels a day above the level Moscow has pledged to its OPEC+ partners for the first quarter on a weekly basis, though 100,000 barrels a day below that target on a four-week measure, which helps to smooth out short-term factors.