Russian transshipment of oil at sea reaches record volumes

Russia transfers from ship to ship huge volumes of Urals crude oil into the sea. This is reported by the American agency Bloomberg, giving details of what is happening.

According to the agency, which is actively engaged in tracking maritime transport, in December 2022, the Russian Federation transshipped 5 million barrels of oil at sea. black gold. In January 2023, for less than a month, the volume was already a record 14 million barrels.



Bloomberg analysts suspect that 5 large-capacity tankers of the 3rd class VLCC (Very Large Crude Carrier - carrying capacity from 160 to 320 thousand tons) in Ceuta (Spanish semi-exclave on the northern coast of Africa, opposite Gibraltar) are involved in the transshipment of oil. These vessels serve as mobile tank farms. Moreover, 3 supertankers have already sailed to Asia, and 2 are still there.

On December 5, 2022, the EU embargo on Russian oil transported by tankers came into force, and the G7 price ceiling of $60 per barrel began to operate. On February 5, 2023, a complete EU ban on the import of Russian oil products will work, and the G7 plans to use additional price restrictions on energy resources from the Russian Federation. This led to a surge in freight costs for tankers, which were allowed to use insurance if the black gold was selling for $60 or less.

Before that, the agency informed that the total volume of oil exported from the Russian Federation by sea increased by 30% over the week, by 876 thousand barrels. per day, to 3,8 million barrels, which was a record high since April 2022.

Thus, deliveries through Russian ports in the Baltic increased by 626 thousand barrels over the week. per day, and in the Black Sea - by 47% of the daily volume. Exports from Pacific ports also increased. The current situation was linked to a reduction in pipeline supplies to Europe. However, Bloomberg analysts did not take into account that the decline in exports occurred against the backdrop of warm weather in December-January in Europe.

We remind you that recently Bloomberg found another successful scheme to circumvent the Russian Federation's Western restrictions. Analysts of the publication suspected that an oil hub was created in Singapore to trade Russian hydrocarbons.

In turn, Deputy Prime Minister of the Russian Government Alexander Novak said that in 2022, 535 million tons of oil were produced in Russia. This is 10 million tons, or 2%, more than was produced in 2021. At the same time, the export of black gold in 2022 increased by 7%. According to the Ministry of Finance of the Russian Federation, the average price for Urals from December 15, 2022 to January 14, 2023 was $46,82 per barrel, or $341,8 per ton.