Russia has exported to India at least 3.7 million tonnes of all seaborne Urals supplies via the ports of Primorsk, Ust-Luga and Novorossiisk in November, Reuters calculations based on Refinitiv and traders’ data showed on Tuesday.
Russian Urals oil shipments to India accounted for about 53% – a record-high share of total tanker Urals shipments in November, Reuters calculations showed.
Urals seaborne shipments to Turkey dropped significantly last month to 0.7-0.8 million tonnes versus 1.3 million tonnes in October.
The total volume of shipments of Urals oil from the Russian ports, excluding the transit volumes of Kazakhstan, decreased in November while nearing the embargo, which prohibited the European Union purchasing Russian seaborne crude after December 5.
According to traders, Urals exports via the Baltic ports on Primorsk and Ust-Luga totalled 6 million tonnes in November after 6.4 million tonnes in October.
Urals and Siberian Light oil loadings from the Black Sea port of Novorossiisk were set to fall in November to 2.47 million tonnes versus 2.84 million tonnes in October, but actual shipments have dropped below plan due to stormy weather.
Traders and shipbrokers estimate November crude oil exports via Novorossiisk at 1.95 million tonnes.
On Monday, the Group of Seven price cap on Russian seaborne oil came into force.
Russia “will not accept” a price cap on its oil and is analysing how to respond, the Kremlin said.
