BAKU, Azerbaijan, December 12. According to the International Energy Agency (IEA), Russian oil supply remained stable in November at 9.25 million barrels per day (mb/d), Trend reports.
However, total oil exports fell by 120,000 barrels per day (kb/d) month-on-month to 7.33 mb/d, with crude exports down by 100 kb/d and product exports dropping by 20 kb/d. The decline in crude exports was attributed to increased refinery throughputs, as maintenance at several plants, including Tuapse on the Black Sea, ended.
In early December, there was a brief interruption in Russian crude exports via the Druzhba pipeline to the Czech Republic, but it did not significantly impact overall export volumes. Total export revenues decreased by $1.1 billion month-on-month, with crude revenue falling by $800 million and products by $300 million. This drop was driven by a combination of lower prices and reduced volumes. Crude prices dropped by about $1.20 per barrel, while product prices saw significant declines for gasoline (-$0.80 per barrel), naphtha (-$3.00 per barrel), and fuel oil (-$5.45 per barrel). Prices for diesel, gasoil, and VGO remained relatively stable.
Ahead of the November G7 meeting, the UK imposed new sanctions on 30 tankers and two Russian insurers, VSK and AlfaStrakhovanie, in an effort to target Russia’s oil exports. Data from Kpler shows that the newly sanctioned "shadow" tankers have been responsible for transporting more than 270 kb/d of crude and products from Russia on average this year.
