Bloomberg: Russia ramps up transshipment of Urals at sea to record highs

Transshipment of Russian Urals oil at sea hit a record high after the introduction of a ceiling on energy prices, said Bloomberg with reference to tanker tracking data. By the end of January, deliveries of Urals could reach a record 14 million barrels. Transshipment volume for December 2022 and January 2023 will amount to 19 million barrels.

According to Bloomberg, five supertankers from the port of Ceuta on the African coast of Spain are involved in the transshipment of Russian Urals. According to tanker tracking data, two of them are in Ceuta, three more have already sailed for Asia. Also, by the end of the month, six tankers with Urals from ports in the Baltic Sea should arrive in Ceuta.

On December 5, 2022, the G7 states and the EU introduced a price ceiling for oil supplies from Russia at $60 per barrel, which, according to Bloomberg, led to a sharp drop in Russian budget revenues. In January Reuters informedagainst this background, Russian exports from the ports of the Baltic Sea to Asian countries increased by 27% compared to December 2022. Also from December to January, the average price of Urals fell by 19%, reported in the Ministry of Finance.

According to Kommersant, the Russian government, within the framework of decree President is going to ban Russian companies from including references to the price ceiling in export contracts. Exporters will have to send contracts to the Federal Customs Service for verification.

More details – in the material “Kommersant” “Oil companies develop self-control”.

Olesya Pavlenko