Russian marine oil exports resume despite sanctions

Russia’s maritime oil exports are recovering from disruptions, with record flows from key terminals.

Eleven tankers loaded ESPO oil at Kozmino, recovering from the previous storm. Volumes at Ust-Luga and Primorsk also increased, contributing to the highest average weekly shipment levels this year.

Despite exceeding OPEC+ targets, challenges remain, including dependence on domestic tankers as Greek owners withdraw due to US sanctions.

Russia is facing obstacles in selling oil from the Sokol field, as European markets are closed after the invasion of Ukraine. The gross value of Russia’s oil exports has been fluctuating, with a noticeable increase in revenues in recent weeks.

Russia’s offshore oil sector is adapting to the challenges, responding resiliently to production recovery, geopolitical constraints, and market fluctuations. The world must respond to this.

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