Russia sharply increased oil exports in January
Russian oilmen managed to sharply increase oil exports in January after the December failure, losing reserves by about 20%.
The outflow of oil from the ports of the Baltic Sea for January 1-20 increased by 1.5 times compared to a single month, reports Reuters with reference to sources among traders.
From the ports of Primorsk and Ust-Luga, according to the shipment plan, tankers will take out 4.1 million tons against 2.7 million tons in the same period in December. By the end of the month, exports may increase to 6.5 million tons, although in December it did not exceed 5 million tons.
At the same time, exports from Novorossiysk practically do not occur: 2.18 million tons against 2.24 million tons earlier.
Restore general oil industry exports by vehicles from ‘friendly countries’, Reuters sources: no ships were used in December, special ice class, but available numbers are now said to have increased.
Buyers, meanwhile, are heating up discounts: the price of the main increase in the prices of the Urals, which accounts for most of the changes, a drop of almost $40 per barrel after all. Shipments from Primorsk were shipped at $38.7 per barrel, a record low since the summer of 2020.
The Russian presidents of oil do not have frequencies with exports – the volume is contracted for January and February, Deputy Prime Minister Alexander Novak, who oversees energy, reported to Vladimir Putin.
But the problem is prices, he admitted: “It’s a high discount as a result of the high cost of value. That is, the cost of freight has grown quite a lot due to those risks that are dangerous for carriers and counterparties, relatively acceptable in accordance with the fact that they do not imply price increases.”
According to Novak, there is hope that the situation will be temporary, and discounts will be in the future. Putin instructed the Deputy Prime Minister to prepare proposals so that discounts “do not create any problems with the budget.”