The large European market for Russia has almost completely disappeared. This has been replaced by distant destinations in Asia, which are more expensive and time-consuming to maintain.
A week after the introduction of the price ceiling for Russian oil, oil exports from Russia fell by 54% or 1.86 million barrels per day. On Tuesday, December 20, according to Bloomberg.
It was noted that one of the reasons was the technical work at the oil terminal in the port of Primorsk on the Baltic Sea. Because of this, cargoes leave there only three times a week, whereas usually it is about eight.
Bloomberg added that the level of exports fell to other ports, especially the port of Nakhodka, located in the Far East. The reason for this is that the tanker owners do not want to send them there because of the sanctions. In the past week, shipments were sent twice from Nakhodka.
At the same time, according to the publication, the supply of Russian oil to Europe has been significantly reduced. Bulgaria remains the only destination on the continent for Russian oil, apart from Turkey.
“A market that used to consume more than 1.5 million barrels per day of crude oil shipped long distances from export terminals in the Baltic, Black Seas and Arctic has almost completely disappeared and been replaced by remote destinations in Asia is more demanding to serve. cost and time,” writes Bloomberg.
The publication emphasizes that China, India and Turkey remained the main importers of oil from the Russian Federation. At the same time, an increasing number of resource-carrying tankers are hiding their final destinations.
It will be remembered that on December 5, an embargo on the supply of Russian oil by sea to the EU began. EU countries also agreed to an adjustable price ceiling for Russian oil delivered by sea at $60 per barrel. The same decision was made by the G7 countries and Australia.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.