Page 101 - RusRPTDec22

9.1.1b Oil sector news
With the European Union oil embargo looming in December, Russia has already lost more than 90% of its market in the bloc’s northern countries, Bloomberg reports, previously the mainstay of shipments from the Baltic and Arctic terminals. Russia shipped just 95,000 barrels a day to Rotterdam — its only remaining European destination for seaborne deliveries outside the Mediterranean/Black Sea basin — in the four weeks to November 18. That’s down from more than 1.2mn barrels a day sent to the region’s ports each day in early February.
States like Lithuania, France and Germany halted such imports several months ago, while Poland followed suit in September. Three-quarters of the crude loaded at Russia’s Baltic ports is now headed to Asia, with Indian refiners snapping up barrels to take advantage of a grace period offered by the US and UK and expected to be adopted by the EU. That would exempt from sanctions cargoes that are loaded before the ban comes into effect on December 5, as long as they are delivered by January 19.
Total volumes shipped from Russia fell to a nine-week low of 2.67mn barrels a day in the seven days to November 18, while the less volatile four-week average was also down, though it remained above 3mn barrels a day for a sixth week. The continued declines contributed to the Kremlin's weekly
101 RUSSIA Country Report December 2022 www.intellinews.com