Bloomberg: offshore oil exports from Saudi Arabia are declining, from Russia – no

Against the backdrop of increasing international pressure on the Russian energy sector, offshore oil exports from Russia are not declining, reports Bloomberg with reference to data from the analytical company Kpler. In January 2023, Russian exporters supplied up to 5.18 million barrels of oil per day, which is 682 thousand barrels, or 15%, more than in December. At the same time, the agency notes a noticeable decline in supplies from Saudi Arabia – they fell by 580 thousand barrels per day, or 8%, compared to the level of the end of last year.

According to a Bloomberg source, OPEC + intends to maintain the current level of supplies until the end of 2023, and Riyadh does not plan to interfere in the adjustment of world export volumes.

Kpler experts attribute the decline in supplies from Saudi Arabia to the maintenance of fields in the country and expect a recovery of previous volumes in February. A significant increase in Russia’s export activity in Kpler is explained by Moscow’s attempts to extract the maximum benefit before the introduction of new sanctions on the supply of petroleum products.

Today, February 3, Bloomberg and Reuters reportedthat the EU countries have agreed on a price ceiling for oil products exported from Russia. The price limit will be set at $100 per barrel of petroleum products traded at a premium and $45 for those traded at a discount. Restrictions should come into effect on February 5.

Andrey Sapozhnikov