Russia’s seaborne crude shipments have dropped sharply, marking the largest decline since January 2024, as the latest round of US sanctions led key buyers, including China, India, and Türkiye, to pause purchases of Russian oil, Bloomberg reported on November 4.
The sanctions, which target Russia’s two biggest oil exporters—Rosneft and Lukoil—have sent shockwaves through Moscow’s oil revenue, reducing it to the lowest level since August.
According to data from Bloomberg’s vessel tracking, Russia’s crude exports dropped to 3.58 million barrels per day in the four-week period to November 2, down by approximately 190,000 barrels from the previous week.
Despite continued shipments from Russian ports, refiners are hesitating to purchase the crude, resulting in a significant accumulation of Russian oil at sea. The volume of oil stored on tankers has surged to over 380 million barrels, up by 8% since September, according to Bloomberg.
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This reduction in exports is compounded by the US sanctions, which have led refiners in major importing countries to look for alternatives. Indian and Chinese refiners, major consumers of Russian crude, have canceled some cargoes, affecting key grades like the ESPO blend, primarily shipped from Russia’s Pacific ports.
While some shipments are still being made, many tankers are now drifting with no final destination, a tactic that could delay Russian oil from reaching its markets unless workarounds are found. The sanctions could also result in a more significant impact on global oil supply, as Russian crude faces tighter scrutiny and buyers seek to avoid penalties, Bloomberg wrote.
Despite these setbacks, some observers believe that Russia’s crude will eventually find its way to the market, as it has in the past. However, the future of Russia’s oil exports remains uncertain, depending on how buyers adapt to the increasingly complicated sanctions landscape.
Previously, it was reported that Chinese refiners were cutting back on Russian crude purchases after Washington and its allies expanded sanctions to include Moscow’s largest oil producers and some of their trading partners.
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