Russian seaborne flows jumped to their highest level in five months last week as shipping at Black Sea ports returned to normal, pushing up the Kremlin's export duty revenues.
The four-week average of Russian seaborne exports** climbed as the weekly ** flow increased sharply after the storm that disrupted shipments at Black Sea ports subsided. Loading in the port of Novorossiysk soared for a whole week without interruption.
Oil tanker tracking data monitored by foreign media showed that about 3.2 million barrels** per day were shipped out of Russian ports in the four weeks to December 10. This represents an increase of 1140,000 barrels.
Despite the recent flow of traffic from Black Sea ports, the four-week average of shipments by Russian sea freight is still 38 percent below May-June levels50,000 barrels per day. May-June is the benchmark for the reduction in exports that Moscow has pledged to OPEC+ partners.
Meanwhile, Russian seaborne shipments surged to 3.76 million barrels per day, up about 910,000 barrels per day from the revised figure for the period ending Dec. 3The highest level since early July.
Russia will cut its oil exports by 500,000 barrels per day in the first quarter of next year from the above benchmark, an increase of 200,000 barrel days from the previous one, including 300,000 barrel days for exports and 200,000 barrel days for refined oil exports.
Russian oil processing fell to a seven-week low in the first days of December as logistical constraints weighed on refineries. Recent storms in the Black Sea, an important conduit for fuel exports, have hampered refineries from shipments, forcing them to cut production.
The Kremlin's ** export tariff revenue jumped to $89 million in the week ended Dec. 10, driven by a surge in shipmentsThis is the highest level of the year。The four-week average revenue also increased by $2 million to $78 million.
According to the period from October 15 to November 14, the Urals ** 79 per barrelThe average price of $23 (about 9. per barrel lower than Brent** over the same period.)$39 ), the tariff for December was 3. per barrel$37.
From January next year, Russian oil producers will pay a higher output tax to fund increased downstream subsidies. Russia reinstated downstream subsidies in October, after subsidies were halved last month.