Russian oil continues to sink despite EU price cap uncertainty – Bloomberg – RT Business News

The total daily volume of crude shipped from Russia rebounded to 2.89 million barrels in the seven days to Nov. 25 as the EU price cap deadline approached, Bloomberg reported on Monday. .

According to the report, the volume of crude on ships bound for China, India and Turkey, as well as the quantities on ships that have not yet shown a final destination, increased again to reach a new high of 2.5 million barrels per day in the four weeks. to November 25. This is three and a half times higher than the volume shipped in the four weeks immediately preceding the launch of the Russian military operation in Ukraine at the end of February.

Tankers carrying Russian crude become « more suspicious of their final destinations », reports Bloomberg. The volume of crude on ships leaving the Baltic and indicating their next destination at Port Said or the Suez Canal is said to have jumped to almost 650,000 barrels per day. “It remains likely that most of these vessels will start flagging Indian ports once they pass through the channel,” the outlet said.

According to Bloomberg, the total volume of crude expected to end up in Asia reached 2.3 million barrels per day on a four-week rolling average, including 115,000 barrels per day on tankers. « whose point of discharge is not clear. » The combined figure set a new high for the year so far, the outlet reports.

Meanwhile, Russia’s maritime crude exports to European countries fell below 500,000 barrels per day in the 28 days to November 25. Flows fell by 104,000 barrels per day, or 18%, between the period and November 18. Figures do not include shipments to Turkey.

The report comes as EU countries struggle to decide on the price cap level for Russian crude, with the measure taking effect on December 5.

“If the politicians fail, which remains an outside possibility, EU companies will no longer be able to provide insurance and other services to vessels carrying Russian crude and maritime imports to the bloc will cease. « , writes Bloomberg. “If successful, European countries will continue to stop buying from Russia, but companies will be allowed to transport Russian crude on European vessels and provide insurance and services as long as the cargo has been purchased from a price below the ceiling. »

Moscow has already threatened to ban the supply of crude from countries that participate in the price cap system. “This could affect maritime flows to Bulgaria and possibly pipeline deliveries to Hungary, Slovakia and the Czech Republic, all of which have benefited from exemptions from the EU import ban,” says the report.

For more stories on economics and finance, visit RT’s business section