Russia's Seaborne Crude Oil Shipments Plummet by 11% Due to Terminal Maintenance

Investing.com -- Russia's maritime crude oil shipments have experienced a decline of approximately 11% since October due to maintenance work at one of the country's major export terminals. The average volume over the past four weeks was recorded at 3.06 million barrels per day, which is below the recent peak of 3.46 million barrels two months ago.
This decline coincides with increasing pressure on Russia's shadow tanker fleet, established to sustain oil flows amid Western countries' sanctions. Additionally, refinery operations have reached their highest weekly rate since mid-August, potentially reducing the amount of crude oil available for export. Russia is also facing increased pressure to comply with OPEC+ production targets extended until the end of March.
In response to Russia's oil trade, European countries have intensified sanctions on vessels carrying Moscow's oil. The European Union added 42 oil tankers to its list of sanctioned vessels on Monday, more than half of which were already subject to sanctions by the United Kingdom. In a separate move, 12 European countries are preparing to tighten restrictions on tankers transporting Russian oil worldwide and will seek proof of protection against oil spills and other high-cost claims.
Ukraine has identified 238 tankers believed to be part of the shadow fleet and reported that officials plan to impose further sanctions on these carriers. Nearly two-thirds of the tankers sanctioned by Western countries due to their participation in Russian oil trade are idle, with many congregating near Russian ports.
Russia has extended a ban on oil sales to foreign buyers complying with the price cap mechanism imposed by G7 countries until the end of June. This is a response to Russia's invasion of Ukraine in 2022.
In other developments, Russia's oil exporters are strengthening ties with buyers in India. Russian oil company Rosneft has agreed to supply Reliance Industries with approximately 500,000 barrels of crude oil per day under a 10-year contract starting in January.