Urals Oil Backlog Grows as Tankers Idle and Exports Falter
Russia shipped about 3.42 million barrels per day of Urals crude in the four weeks to Jan. 11, but is struggling to offload, leaving at least 12 tankers idle off Oman and more waiting near China; export value fell to around $950 million per week as prices declined for a 15th straight week. Most Murmansk shipments now head to China, while Indian buyers are shunning sanctioned Russian barrels, complicating Moscow’s export rebound. The White House is pursuing sanctions on buyers of cheap Russian oil, and flows are further affected by drone attacks in the Black Sea and weather disruptions at Kozmino. Russia’s oil production also fell in December, underscoring a faltering export picture.
