Reuters: Russia to reduce oil exports through Western ports in December

Russia has reduced its plan to export oil grades Urals and Siberian Light through ports in the Baltic Sea and Novorossiysk from 8.5 million tons in November to 7.7-7.9 million tons in December. It is reported by Reuters, citing sources in the trade and shipping industry.

According to the agency, transit of Urals in the ports of Primorsk and Ust-Luga in December is planned at the level of 5.5-5.7 million tons against 6 million tons in November. Shipments of Urals and Siberian Light oil through the port of Novorossiysk are planned to be reduced from 2.47 million tons in November to 2.24 million tons in December, the sources said.

It is noted that transit through Novorossiysk in November was reduced due to storms, so several positions from the November plan were postponed to December.

On December 5, the countries of the European Union, the G7, as well as Australia and Norway introduced a ceiling on oil prices from the Russian Federation. The limit is set at $60 per barrel. The sanctions imply that companies in countries that have agreed on a ceiling cannot provide brokerage, shipping, insurance and other services for the sea transportation of Russian oil to third countries, unless this oil is sold at a price below a certain level.

December 9 Vladimir Putin admitted reducing oil production as one of the measures in response to the introduction by Western countries of the ceiling on prices for Russian oil. By data Media, there are several answers, including a ban on the sale of oil to countries that have introduced a ceiling.

Erdni Kagaltynov