Russian oil exports crater by 54% in the first full week of the EU's embargo amid a shortage of tankers willing to carry cargoes
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled byIn the week that ended December 16, which marked the first full week after the ban set in, total volumes coming out of Russia fell by 1.86 million barrels a day, or 54%, to about 1.6 million. The four-week average also dropped to a new low for 2022.
However, the data must be viewed cautiously, as variables like weather and cargo scheduling can sway week-over-week changes in flows. Global energy rival Shell has also made a similar move as the possibility of some Russian oil being left over in a tanker risks violating sanctions. Staring December 5, the EU banned imports of Russian oil by sea and blocked shipping and related financial services for companies transporting Russian oil. At the same time, the EU and the G7 imposed a $60-per-barrel price cap on Moscow's crude.
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