Russia’s Oil Exports Collapsed Since G-7 Sanctions Began
Business Insider: Russian oil exports crater by 54% in the first full week of the EU’s embargo amid a shortage of tankers willing to carry cargoes
* Russian oil exports are collapsing following the onset of the EU’s Russian seaborne crude embargo.
* In the first full week after the ban, total exports dropped by 1.86 million barrels a day, or 54%, per Bloomberg.
* Meanwhile, energy giants like Shell and Exxon Mobil have stopped using ships that previously carried Russian cargoes.
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bloomberg.
In the week that ended December 16, which marked the first full week after the ban set in, total volumes coming out of Russia fell by 1.86 million barrels a day, or 54%, to about 1.6 million.
The four-week average also dropped to a new low for 2022. Signs also pointed to a a shortage of ship owners who were willing to transport Russian oil from an export facility in Asia, the report said.
However, the data must be viewed cautiously, as variables like weather and cargo scheduling can sway week-over-week changes in flows.
Read more ….
Update #1: Russia’s Oil Exports Collapsed Since G-7 Sanctions Began (Bloomberg)
Update #2: Russian Oil Exports Collapse More Than 50% As Exxon Shuns Tankers That Hauled Russian Crude (Zero Hedge)
WNU Editor: One week is not a trend.