Russian oil exports are surging.
RT:
Shipments of Russian seaborne crude surged to 3.6 million barrels per day last week, reaching the highest since early June, while the less volatile four-week average is the highest since August, Bloomberg reported on Monday.
A total of 34 tankers were loaded with some 25.2 million barrels of Russian crude oil in the week to November 4, according to vessel-tracking data and port agent reports, as quoted by the media. That’s up by 3.2 million barrels.
The exports were ramped up more than a month before the EU sanctions, supported by the G7 nations and Australia, kick in on December 5. The penalties will see Western companies banned from providing insurance and other services to vessels loaded with Russian crude, unless the cargo is purchased below a yet-to-be-agreed price cap.
The biggest increase, in both volume and percentage terms, was reportedly recorded in shipments from the Arctic terminal of Murmansk. Cargoes carrying Russian oil are becoming more cagey about their destinations, according to Bloomberg. The agency noted a big jump in vessels showing their next destination as Port Said or the Suez Canal, and a drop in the volume on tankers indicating that they’re headed to India.
The West is still trying to implement all these weird schemes with insurance bans, price caps and all this other nonsense to interfere with Russia’s energy trade. These schemes are totally failing.
Russia just announced a major energy deal with Iran and they continue doing business with China, India and other minor powers.
Western politicians just won’t admit that this whole plan has failed. They’re going to keep doubling down on stupid.
