1 February 2023 | Demand | Regulation

Western tankers increase shipments of Russian oil under the price cap

According to Eikon data, Western tankers increased shipments of Russian Urals crude in January, as its price did not exceed the set limit. The price cap of $60 per barrel was introduced on December 5, 2022, and supported by the G-7, Australia, and most countries of the European Union (EU).

Most Russian oil is currently trading below the set limit. On Tuesday, Urals crude was at $49.50 per barrel on a free-on-board (FOB) delivery terms from Primorsk and at $47.83 from Novorossiysk.

In addition, above 2 million tons of this crude oil were also shipped from the Baltic and Black Sea ports on the EU’s vessels in January. This amount is more than 25% of Russian exports from these ports.

Reuters calculations based on this data indicate that the EU’s vessels transported nearly 50% more oil in January than in December.

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