Page 90 - RusRPTDec23

9.1.1b Oil sector news
KSE Russian Oil Tracker:
● Reliance on Western services falling – In Q3 2023 only 42% of Russian seaborne oil exports were shipped by tankers with P&I Club insurance, compared to 54% in Q2 2023.
● P&I coverage varies by port – 80% of crude oil exports from Black Sea ports were shipped with P&I insurance while only 9% of those from Pacific Ocean ports had such coverage in September 2023.
● Shadow fleet is actively used – 178 loaded Russian shadow fleet tankers left Russian ports in August 2023, 72% of which were built more than 15 years ago and pose a significant risk to the environment.
● Sanctions enforcement matters – In case of weak implementation, Russian oil revenues could approach a robust $184 bn and $202 bn in 2023 and 2024, respectively.
The Russian Energy Ministry expects that investments in the national fuel and energy sector will stay flat in annual terms and amount to 7.1 trillion rubles ($80.4bn) in 2023, according to the presentation of First Deputy Minister Pavel Sorokin. The share of the fuel and energy sector as part of the national GDP will drop by 2 percentage points (pp) to 16% and by 7 pp to 51% in exports in the next year, according to the ministry. The sector will bring 8.6
90 RUSSIA Country Report December 2023 www.intellinews.com