Bloomberg learned about the record volumes of transshipment of Urals oil at sea

RUSSIA is transshipping record volumes of Urals oil at sea, according to BLOOMBERG, citing tanker tracking data. A total of 19 million barrels of crude was likely transshipped at sea in January and December, according to the agency. it is likely that in January the volume of such raw materials will reach a record 14 million barrels, the publication says.

In early December, the EU imposed an embargo on offshore oil supplies from Russia, and together with the G7 countries set a price ceiling of $60 per barrel. This led to a sharp increase in freight costs. Transhipment ships are allowed to use insurance if the raw material is sold for $60 or less.

According to Bloomberg, five VLCC supertankers in Ceuta (Spain) are most likely involved in the Urals transshipment. Three ships have already sailed for Asia, and two more are waiting at the Spanish staging post.

On January 16, Bloomberg reported that the total volume of oil exported from Russia by sea for the week increased by 30%, by 876 thousand barrels per day, to 3.8 million barrels, which was a record since April 2022. Thus, deliveries through ports in the Baltic Sea increased by 626 thousand barrels per day over the week, and in the Black Sea - by 47% of the daily volume. The volume of exports from the Pacific ports also increased. The agency attributed such indicators to the reduction of pipeline supplies to Europe. At the same time, Bloomberg did not take into account the decline in exports against the backdrop of a warm December and early January in Europe.

As the Russian Ministry of Finance reported, the average price for Urals from December 15, 2022 to January 14, 2023 was $46.82 per barrel, or $341.8 per ton.

In response to the sanctions, Moscow banned the supply of oil and oil products to foreign citizens and companies if the contracts "directly or indirectly provide for the use of a price cap mechanism."