Russia’s Crude Exports Shrug Off Halt to Key Pacific Grade
Surging ESPO shipments outweigh the loss of Sokol cargoes last week
Russia’s crude exports rebounded last week, despite a lack of Sokol cargoes caused by the non-availability of specialized shuttle tankers.
Photographer: Glyn Kirk/AFP/Getty Images
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A temporary halt in shipments of Russia’s Sokol crude from Sakhalin Island on the Pacific Coast was offset by a surge in flows of ESPO from nearby Kozmino, lifting four-week exports to the highest level in almost four months.
The jump in this less volatile measure of overall exports was boosted as a plunge seen in late January — driven by a storm that shut Kozmino and disruptions including a drone strike at the Baltic’s Ust-Luga terminal — finally dropped out of the calculation.