Bloomberg: Russian oil exports fall 50% after sanctions and price caps

During the first week of sanctions and price restrictions, oil exports from Russia decreased by 54%. This has already alarmed the governments of some countries, which are worried about the possible disruption of purchases of Russian oil.

Bloomberg writes about it.

According to the publication, the total volume of oil supplies from Russia fell by 1.86 million barrels per day. They currently stand at approximately 1.6 million barrels.

One of the reasons for this drop was technical work at the port of Prymorsk on the Baltic Sea, where shipments were reduced to three tankers per week, while the normal weekly figure is eight tankers. Also, the Russians do not have enough ships to ship their oil.

Only two tankers were loaded in the Kozmino oil port (Nakhodka Bay, Far East) during the week. On average, eight tankers are loaded here per week. At least two major tanker owners have withdrawn their vessels from the route as oil is sold at prices above the limit.

• Twenty-seven countries that are part of the European Union, as well as the United Kingdom, the United States, Canada, Japan and Australia agreed on a ceiling price for Russian oil at the level of $60 per barrel. This means that all 32 states will provide services related to Russian tanker oil only if it is purchased at a price of $60 per barrel or below. Services include, in particular, mandatory transportation insurance.
• EU oil sanctions against Russia also came into effect on December 5. EU countries have stopped buying Russian oil, which is transported by sea. The exception was only oil that is pumped through oil pipelines.