Export of Russian oil by sea fell by 22% in December, Kostyantyn Kryvopust

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The introduction of oil sanctions against Russia led to a decrease in exports by sea by 22%, reports The Wall Street Journal with reference to data from the analytical company Kpler. According to these data, the average daily rate of sea oil deliveries from Russia decreased to 2.5 million barrels.

Exports of Russian oil by sea in December 2022 fell by 22% compared to the 11-month average, reports The Wall Street Journal, citing data from Kpler, an analytical company that studies commodity markets. It fell to 2.5 million barrels per day. Analysts cited sanctions restrictions, weak demand in China and winter weather as the reasons for this.

At the beginning of December, the mechanism for limiting oil prices from Russia to $60 per barrel came into force, and the European Union banned the majority of oil imports. A small group of buyers of Russian oil, including India, China, Turkey and Bulgaria, remained outside the sanctions limits, Kpler analyst Matt Smith recalled. According to him, the shipment of Russian oil in December was also affected by unfavorable weather conditions and weak demand in China.

On December 5, an embargo on the supply of Russian oil to the European Union entered into force. He also prohibited providing related services — for example, transporting Russian oil by sea to third countries and insuring these ships and cargoes. However, the EU and the G7 countries have agreed not to interfere if Russian oil is sold at a price no higher than the limit.

After long negotiations, the price ceiling for oil from Russia was set at $60 per barrel. The G7 countries (the USA, Germany, Japan, Great Britain, France, Italy and Canada), the European Union, Australia, Norway and Switzerland joined the restrictions on the price of Russian oil transported by sea. In February, it is also planned to introduce a price ceiling for petroleum products of Russian origin, but its level has not yet been agreed upon.

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