In brief
Discounts at Baltic ports and Novorossiysk reached their widest since April 2023, UNIAN reported, citing The Moscow Times. The report linked them to limited demand, high shipping costs and competition from Middle Eastern supplies.
Russian Urals crude was offered at discounts of up to $33 a barrel at Baltic ports and Novorossiysk during November 1–6, UNIAN reported, citing The Moscow Times. It described the discounts as the largest since April 2023. The $33 figure represents a discount, not the price of a barrel.
The report attributed the discounts to limited demand and high delivery costs, against a backdrop of reduced Indian purchases of Russian crude and recovering supplies from the Middle East.
Citing Kpler data, UNIAN said oil shipments to India through the Strait of Hormuz rose to 2.1 million barrels a day in November, exceeding imports from Russia of 1.8 million barrels a day.
Despite the steep discounts, export volumes from Baltic ports and Novorossiysk showed little change, according to the report.
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