- Seaborne Russian crude exports hit 18-month high
- Greek tankers hold market share after earlier retreats
- EU identifies 118 tankers breaching price cap
Russia turned to G7-linked tankers to increase crude exports in September, despite facing a lower price cap enacted by most Western countries and their allies, reports Platts.
Russia turn to G7-linked tankers to increase crude exports
S&P Global Commodities at Sea and Maritime Intelligence Risk Suite data shows tankers flagged, owned or operated by companies based in the G7, the EU, Australia, Switzerland or Norway, or insured by Western protection and indemnity clubs, lifted 1.2 million b/d of Russian crude in September, up from 774,000 b/d in August.
The OPEC+ member hiked its seaborne crude exports to an 18-month high of 3.9 million b/d in September, and up from 3.3 million b/d in August, with a series of Ukrainian drone attacks affecting refining activities and freeing up more crude for exports.
The development came as the EU and other price cap coalition members lowered the threshold for companies to service seaborne Russian crude exports to $47.60/b from $60/b.
Platts, part of S&P Global Commodity Insights, assessed the monthly average price for Urals on a free-on-board Primorsk basis at $56.209/b for August and $56.535/b for September.
Liftings by tanker operators in Greece, Europe’s top shipowning nation, rebounded to 19.1 million barrels in September, up from 16.8 million barrels in August, after two months of declines, according to the CAS and MIRS data.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: Platts
