Russia’s seaborne oil exports dropped to a three-month low last week as Moscow adjusted shipping routes following U.S. sanctions on major energy companies. Exports averaged around 320,000 metric tons per day in the week of November 3-9, the lowest since mid-July, with only 23 tankers departing compared to the usual 26-28.
Analysts say the decline reflects temporary supply chain disruptions rather than falling demand. The sanctions prompted higher “risk premiums” for transporting Russian oil, particularly on routes to Turkey, raising freight costs by 3.7% week-on-week. Despite this, tanker capacity remains sufficient, supported by Russia’s increasing reliance on independent “shadow fleet” carriers.
India’s imports of Russian crude stayed steady, with 3.6 million metric tons delivered between October 27 and November 9, exceeding September-October averages. Freight rates are expected to continue rising through November, potentially ending the month 10-15% higher than pre-sanction levels.