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...That total fell to about 2.5mn b/d in August, with the decline coming from western-insured ships, which only carried 626,000 b/d that month — less than half the volume they transported in May....
...But the global fall in oil prices since September has also lowered the cost of Urals, Russia’s main oil export grade....
...Putin made no comments about Navalny’s death in a series of public appearances in Chelyabinsk, a rustbelt city in the Urals — though he made no effort to suppress a smile....
...Russia’s flagship Urals crude is currently trading at around a $30 discount to Brent....
...Exports — mainly to Asia — were 4.7mn b/d, below its five-year average, according to OilX....
...Russian oil exports in April reached 8.3mn barrels a day, the highest since April 2020, driven in large part by China and India, which imported, respectively, 2.1mn b/d and 2mn b/d of Russian crude, according...
...The cap’s objective was twofold: to ensure that supply from Russia — seaborne exports usually account for some 4 million barrels a day (Mb/d) out of a total global demand just shy of 100 — would not be...
...Then I’d buy some lemonade from a vending machine where you rinsed a glass after the previous customer and popped a coin into a slot. I’d get an ice cream too....
...Imports from Iraq averaged 806,000 b/d in September and 918,000 b/d in October, Kpler’s data show, while imports from Saudi Arabia plunged from 860,000 b/d in September to 617,000 b/d in October — their...
...Adding gasoline, diesel, propane and other fuels, exports were a whopping 11.24mn b/d over the same period — also a record. But it is not just oil....
...But Urals, its main export crude, has fallen to a large discount below the cap level of $60 a barrel as the country tries to find new buyers in Asia....
...Instead of 2mn b/d removed from the market the total is closer to 1mn b/d, say analysts — still substantial, but not enough to flush out the oil bears....
...I understand all the risks, but I can’t leave at least because it’d be running away. I can’t allow myself to just up and flee my country.”...
...Russia’s main export grade, Urals, has a further discount of about $20 a barrel just by dint of market forces, as European buyers turn away....
...The International Energy Agency has forecast that Russian output could decline by as much as 3mn b/d. Some analysts see a smaller decline of 1-1.5mn b/d....
...There is just 300,000 b/d of spare capacity on the ESPO pipeline to Asia, and just 200,000 b/d by rail, says Rystad Energy....
...Indian imports of Moscow’s flagship Urals crude rose to 627,000 b/d in April from zero in February. China is also expected to increase its purchases of Russian oil....
...Deputy prime minister Alexander Novak has since presented a more optimistic outlook, telling Russian media that production increased in May by between 200,000b/d and 300,000b/d and that he expected a further...
...Its sends 2.5m to 2.6m b/d of crude oil to Europe either via pipelines or tankers, and sells 2m b/d of oil products in Europe, US and Canada....
...Historically, Russian crude oil has constituted below 5 per cent of India’s total imports, which were 4.2mn b/d last year....
...Even with a discount, Russia’s Ural blend prices are nowhere near that low. We are not optimistic that a successful plan will be put in place to lower them....
...Russia typically exports 5mn barrels per day of crude and 2.7mn b/d of refined products....
...Russia’s Urals crude is now trading at a record discount of more than $18 a barrel as the country’s producers struggle to find buyers....
...So this week I’m looking at an unusual but significant genre of war commentary — what I’d call “Russian catastrophe literature”....
...Wellhead production was up between 200,000-300,000 b/d in May, after a 1mn b/d slide in April, according to S&P Global Commodity Insights. That is set to change....
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