Russian oil export hits lowest levels

Russian seaborne crude oil exports have experienced their steepest decline since November following the introduction of sweeping sanctions initiated by the administration of US President Joe Biden. 

The new restrictions have had a significant impact on oil trade and have begun to alter established supply routes.

According to Bloomberg, citing vessel tracking data, export volumes continued to fall. The four-week average has remained below the 3 million barrels per day mark for four consecutive weeks, approaching a 16-month low.

Violations and logistics disruptions

“Since the introduction of the sanctions, there have been clear signs of disruptions: tankers are being rerouted, buyers are seeking alternative suppliers, and a shortage of non-sanctioned vessels is complicating oil loading at the Kozmino port, which is Russia’s key eastern terminal,” the Bloomberg report states.

The impact of the sanctions is particularly felt in Pacific oil flows. According to the agency, approximately 75% of cargoes shipped since the beginning of October were transported on vessels that are now subject to restrictions. Furthermore, the entire specialised tanker fleet used in the "Sakhalin-1" and "Sakhalin-2" oil and gas projects has also been added to the sanctions list.