russia boosts pacific oil cargoes – Bloomberg

Seaborne oil exports from russia have approached their highest levels since russian crossed the border of Ukraine a year ago. Record volumes of oil were shipped from the ports of the Pacific region.

In the week before February 24, 2023, supplies from russian ports increased to 3.63 million barrels per day, Bloomberg reports.

This level has been exceeded only 4 times since the beginning of 2022.

"The less volatile four-week average also rose ahead of a 500,000-barrel-per-day production cut set to take effect on Wednesday in response to Western embargoes and price caps on russian oil cargoes." the report says.

"Black Sea exports fell sharply as storms closed the port of novorossiysk for most of the week. Shipments from the Arctic terminal in murmansk were also down, but the drop was more than offset by record volumes likely leaving the country's Pacific terminals.

A record 10 tankers were loaded at the Pacific port of kuzmino last week, with flows there increasing thanks, in particular, to the resumption of oil shipments by rail. According to a group of researchers, oil shipments from the eastern ports of the country are sold at prices almost 40% higher than cargoes exported via the Baltic Sea," the article adds.

Oil volumes on vessels bound for China and India, as well as smaller shipments to Turkey. Vessel volumes that have not yet specified a final destination rose to an average of 3.27 million barrels per day over the four-week period, the highest since Bloomberg began tracking supplies in early 2022.