Russian Oil Exports Rebound
OIL & GAS

Russian Oil Exports Rebound

Russian oil exports are rebounding after a period of compliance with an agreement with Saudi Arabia to limit production. In the week ending October 15, Russia's seaborne crude exports increased, pushing the four-week average to its highest level in over three months. About 3.51 million barrels of crude were shipped from Russian ports during that week, with a rise of approximately 285,000 barrels per day compared to the previous week.

This increase was mainly due to a surge in Black Sea exports, reaching a six-week high, and a recovery in shipments from the Arctic port of Murmansk following a slump in the previous week. Russia has maintained export restrictions, and while there has been a slight increase in exports relative to those restrictions, compliance has been reasonably strong when compared to past performance against OPEC+ targets.

These rising export volumes have boosted Russia's weekly oil export duty revenues, setting a new high for the period since mid-January. However, there are concerns about the effectiveness of the price cap imposed on Russian exports by the Group of Seven nations and the European Union. In response, the US Treasury has imposed sanctions on tankers accused of carrying cargoes sold at prices above the $60-a-barrel ceiling, marking the first attempt to enforce the cap since its inception.

Russia's oil refineries are also increasing daily processing rates this month, though ongoing maintenance and temporary diesel export restrictions have kept rates slightly below the average for most of September.

Russian oil exports are rebounding after a period of compliance with an agreement with Saudi Arabia to limit production. In the week ending October 15, Russia's seaborne crude exports increased, pushing the four-week average to its highest level in over three months. About 3.51 million barrels of crude were shipped from Russian ports during that week, with a rise of approximately 285,000 barrels per day compared to the previous week. This increase was mainly due to a surge in Black Sea exports, reaching a six-week high, and a recovery in shipments from the Arctic port of Murmansk following a slump in the previous week. Russia has maintained export restrictions, and while there has been a slight increase in exports relative to those restrictions, compliance has been reasonably strong when compared to past performance against OPEC+ targets. These rising export volumes have boosted Russia's weekly oil export duty revenues, setting a new high for the period since mid-January. However, there are concerns about the effectiveness of the price cap imposed on Russian exports by the Group of Seven nations and the European Union. In response, the US Treasury has imposed sanctions on tankers accused of carrying cargoes sold at prices above the $60-a-barrel ceiling, marking the first attempt to enforce the cap since its inception. Russia's oil refineries are also increasing daily processing rates this month, though ongoing maintenance and temporary diesel export restrictions have kept rates slightly below the average for most of September.

Next Story
Building Material

Walplast Unveils Homesure TileEx Cementitious Tile Grout

Walplast, India’s third-largest Wall Putty manufacturer, has launched Homesure TileEx Cementitious Tile Grout, a premium solution designed for durability and aesthetics. This polymer-modified, cement-based grout offers strong adhesion, low shrinkage, and easy workability, filling tile joints up to 3 mm.Available in a 1 kg pouch, TileEx comes in 11 colours, including Cotton Wool, Gold Standard, Caffeine, and Platinum Grey, allowing seamless or contrasting finishes. Suitable for ceramic, vitrified, and natural stone tiles, it is ideal for bathrooms, kitchens, and commercial spaces. Its water-r..

Next Story
Infrastructure Transport

Maharashtra Government Directs BMC to Complete Road Concretisation by May 31

The Maharashtra Government has instructed the Brihanmumbai Municipal Corporation (BMC) to complete all ongoing road concretisation work in Mumbai by May 31 and not to undertake any new projects.This decision was taken during a meeting convened by Speaker Rahul Narvekar with Mumbai MLAs to address concerns over alleged mismanagement and irregularities in the road concretisation work.According to news reports, the meeting also decided that a review of the progress would be conducted by the end of April. Additional Municipal Commissioners have been directed to coordinate with various utility agen..

Next Story
Resources

Afcons MD S Paramasivan Appointed PEPC Chairman

Afcons Infrastructure’s Managing Director, S Paramasivan, has taken over as Chairman of the Project Export Promotion Council (PEPC). He assumed office on 24th March in New Delhi, succeeding his tenure as Vice-Chairman from 2023 to 2025. A R Soni, EVP and Head of Corporate Affairs at L&T, has been appointed Vice-Chairman.Established by the Ministry of Commerce and Industry in 1984, PEPC supports Indian project exporters in securing and executing overseas projects. Commenting on his appointment, Paramasivan said, “I am honoured to take on this responsibility and look forward to stren..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?