Russia sets record for oil exports - Bloomberg
Russia sets record for oil exports (photo: Getty Images)
The total export of Russian oil has risen to its highest level in four months, according to Bloomberg.
A temporary halt in shipments of Russia’s Sokol crude from Sakhalin Island on the Pacific Coast was offset by a surge in flows of ESPO from nearby Kozmino, lifting four-week exports to the highest level in almost four months.
Weekly supplies have increased by approximately 365,000 barrels per day, reaching 3.5 million, which is approximately 215,000 barrels per day above the target level as of November 5, 2023.
This allowed for the difficulties with Sokol oil to be compensated, which arose due to concerns by Indian oil refiners about American sanctions. Currently, at least 14 shipments totaling 10 million barrels of Sokol oil are still on board ships.
Earlier, it was reported that three Sokol shipments had been delivered to India, while several others were redirected to China.
India resumed importing Russian Sokol oil after a two-month hiatus. According to sources cited by Bloomberg, the Indian company Hindustan Petroleum Corp (HPCL.NS) purchased Sokol oil from a trader. The country will likely pay for the oil in UAE dirhams.
Additionally, two oil tankers halted their activities near the coast of Greece just days after the US imposed new sanctions on 14 Russian ships. According to Bloomberg, the vessels NS Creation and Gulf Amur ceased transferring oil cargoes in the Lakonikos Gulf south of Greece.
