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.