Russia's Sakhalin Island Oil Is Backing Up After US Sanctions
Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge
Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center
Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle
The Forgotten French Architect Who Rebuilt Marseille
In New Orleans, an Aging Dome Tries to Stay Super
The disruption comes as Russia's wider oil exports have plunged — albeit following an unusually long storm that halted flows from another port in Asia.
Only one of eight Sokol shipments that loaded since the shuttle tankers used to move the grade were blacklisted has discharged. Two have been switched onto a supertanker anchored near the Russian port of Nakhodka, while the others are idling. Unless more cargoes are moved off shuttle tankers, the Sakhalin 1 energy project is about to run out of empty ships to load its crude.
It's a similar picture for Sakhalin 2. A fourth tanker, the Galaxy, has been used to haul the grade, in addition to the dedicated fleet of three shuttles, which are all idling. But it, too, is now floating, showing a speed of one knot off the Japanese island of Hokkaido while signaling a destination of Gulei in China.
In the west, the first sanctioned cargoes from Murmansk are still at least a week from destinations on the west coast of India. Several ships are now signaling 'North China,' having previously been identified as heading to India. It's unclear whether this is to generate confusion, or whether it reflects an unwillingness on the part of India to take crude carried on blacklisted vessels.
If cargoes aren't accepted at receiving terminals, floating storage of Russian oil will build up quickly. Already, one of the post-sanctions cargoes from Murmansk is on a ship signaling OPL Oman — a potential storage site — as its destination.
Russia is avoiding the use of sanctioned tankers at its key Baltic ports. Only one vessel blacklisted by the US has loaded in the region since the latest curbs were announced on Jan. 10. The Akademik Gubkin, which loaded at Ust-Luga on Jan. 29, is heading across the Atlantic. It briefly signaled its destination as Matanzas in Cuba, then changed that to the Suez Canal. It appears that the Caribbean destination was accurate.
Key Pacific grade ESPO is also being moved only on ships that haven't been blacklisted. But a five-day storm, with winds gusting at more than 40 miles an hour, severely hampered operations at the port last week. That cut Russia's total seaborne crude exports to their lowest in more than two years.
Crude Shipments
A total of 21 tankers loaded 16.1 million barrels of Russian crude in the week to Feb. 9, vessel-tracking data and port-agent reports show. The volume was down from a revised 21.34 million barrels on 29 ships the previous week.
Daily crude flows in the seven days to Feb. 9 fell by about 750,000 barrels, or 25%, from the previous week to 2.3 million.
A five-day storm at Kozmino, with winds gusting above 40 miles an hour, prevented ships from mooring at the export berths for most of the week.
Less volatile four-week average flows were down by 180,000 barrels a day from the previous week's revised number, to 2.83 million barrels a day.
One cargo of Kazakhstan's KEBCO crude was loaded during the week from Novorossiysk.
Export Value
A decline in the price of Russian crude added to the decrease in exports to leave the gross value of Moscow's exports down by about $380 million, or 28%, to $990 million in the week to Feb. 9. That's the lowest since December 2022.
Export values of Russian crudes were down week-on-week by between $1 and $3 a barrel. Delivered prices in India were down by about $2.20, all according to numbers from Argus Media.
On a four-week average basis, income slipped to about $1.31 billion a week, from $1.43 billion in the period to Feb. 2.
Flows by Destination
Observed shipments to Russia's Asian customers, including those showing no final destination, fell to 2.52 million barrels a day in the four weeks to Feb. 9, slipping to about 19% below the average level seen during the most recent peak in October.
Turkey is now the only short-haul market for shipments from Russia's western ports, with flows in the 28 days to Feb. 9 falling to 287,000 barrels a day, their lowest in five weeks.
NOTES
This story forms part of a weekly series tracking shipments of crude from Russian export terminals and the gross value of those flows. The next update will be on Tuesday, Feb. 18.
All figures exclude cargoes identified as Kazakhstan's KEBCO grade. Those are shipments made by KazTransoil JSC that transit Russia for export through Novorossiysk and Ust-Luga and are not subject to European Union sanctions or a price cap. The Kazakh barrels are blended with crude of Russian origin to create a uniform export stream. Since Russia's invasion of Ukraine, Kazakhstan has rebranded its cargoes to distinguish them from those shipped by Russian companies.
Vessel-tracking data are cross-checked against port agent reports as well as flows and ship movements reported by other information providers including Kpler and Vortexa Ltd.
If you are reading this story on the Bloomberg terminal, click for a link to a PDF file of four-week average flows from Russia to key destinations.
--With assistance from Sherry Su.
Trump's Tariffs Make Currency Trading Cool Again After Years of Decline
Trump Promised to Run the Economy Hotter. His Shock and Awe May Have a Chilling Effect
Why Fast Food Could Be MAHA's Next Target
The Reason Why This Super Bowl Has So Many Conspiracy Theories
Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
14 minutes ago
- Bloomberg
The Asia Trade 8/14/25
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Singapore and Sydney with Avril Hong and Paul Allen, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
CNBC
44 minutes ago
- CNBC
How Putin could try to outmaneuver Trump when they meet
Russian President Vladimir Putin's standing in the West may be pretty low, but he's a skilled and seasoned statesman who shouldn't be underestimated, analysts say — and he's likely to be looking to outmaneuver his less experienced U.S. counterpart when the leaders meet in Alaska on Friday. Putin and U.S. President Donald Trump are meeting to try to negotiate an end to the war in Ukraine, but close followers of Moscow's leadership are skeptical that any lasting resolution will be reached at the summit. "Let's be clear, Putin does not take Trump seriously," Tina Fordham, founder of Fordham Global Foresight, told CNBC ahead of the talks. "He has ramped up attacks, including on civilians in urban centers over the summer, and that has upset Trump and frustrated him, and frankly, it's humiliating," Fordham said, adding that meeting Trump would be "a low-cost photo op for Putin, who has a real track record of manipulating Trump administration officials." Ukraine and its European allies (who have not been invited to the talks) also argue that Putin is not serious about ending the conflict of more than three years. Kyiv's leadership also claimed this week that intelligence suggests Russia is preparing to mount new offensives , rather than preparing for a ceasefire or peace. CNBC contacted the Kremlin for a response to the claims and is awaiting a response. Military analysts cited several reasons that Russia might not want to end the war before it needs to, such as its forces' relatively advantageous position on the battlefield despite high attrition rates; entrenched position in Russian-occupied regions in the south and east of Ukraine; and ability to throw more manpower into the fight. Maximum concessions It's therefore likely that Putin will try to extract the as many concessions and benefits for Russia as he can from the United States when he sets foot on American soil for the first time in almost a decade. "The Russian side will likely seek to broaden the agenda beyond Ukraine, emphasizing the potential for strategic geopolitical and economic cooperation — including lucrative energy deals and potential arms control or strategic weapons treaties," Andrius Tursa, Central and Eastern Europe advisor at risk consultancy Teneo, said in emailed comments this week. "The Kremlin likely hopes that the transactional nature of Trump's approach to foreign policy will help advance Putin's objectives in Ukraine, such as territorial concessions, restrictions on Ukraine's sovereignty and military capabilities, and replacement of its political leadership," he added. The Kremlin's awareness of Trump's transactional nature when it comes to deal-making is likely to underscore how Putin approaches him during talks, and Putin is a skilled negotiator, according to Christopher Granville, managing director at TS Lombard. "Putin is always skillful in using 'give and take,'" he told CNBC's " Squawk Box Europe " on Monday. "True, Putin's got a big win [by being invited to Alaska] and securing negotiations on a deal before a ceasefire," he said, "but he's given Trump something." "He's given the impression that Trump's hardline has worked, that Putin has offered concessions on territorial swaps ... and that's already a sign of this skillful 'give and take' — or illusion of 'give and take'' —which President Putin has deployed so successfully on many occasions in the past," he said. Trump showed weakness A potential source of weakness for Trump as he heads into the meeting is that Putin will recognize that the U.S. president has, despite repeated threats, resisted heaping more punitive sanctions on Moscow even though it refused a ceasefire with Ukraine that was supported by both Washington and Kyiv. In fact, Trump has so far preferred to punish Russia's friends and trading partners such as its oil buyer India — rather than Russia itself — with higher tariffs and the threat of "secondary sanctions." "Putin is smart enough to recognize that Trump is turning up the heat, but it's very significant that Trump decided to turn up the heat on his friend [Prime Minister] Narendra Modi in India, and not on Putin himself," Fordham told CNBC. "It tells us that President Trump is very reluctant to actually put the pressure directly on Putin, so much so that he's willing to jeopardize this relationship with India, which is a hugely important ally within the wider context of U.S.-China relations," she added. Trump has also been accused of showing his cards to Russia by suggesting that Washington could entertain the notion of Ukraine "swapping" some territory with its neighbor, a suggestion that has provoked consternation in Europe, which has urged Trump not to concede too much to Putin. Kaja Kallas, the EU's foreign policy chief, told CNBC on Tuesday that Putin was stringing Trump along and was just " pretending to negotiate ." CNBC has asked the Kremlin to respond to the claim. Russia's economy helps But although Putin appears to be entering the talks from a position of strength rather than weakness — a position not many global leaders find themselves in when meeting Trump — the Russian president could arguably be looking for an off-ramp as Russia's economy and citizens labor under the weight of international sanctions, labor shortages and rampant inflation, which even Putin described as "alarming." ″[Putin] starts from a relatively strong position on the battlefield. They're advancing," Richard Portes, head of the economics faculty at the London Business School, told CNBC Monday. "On the other hand, from the economic point of view, he starts from a weak position. The Russian economy is not in very good shape. They're running a significant fiscal deficit, partly because oil revenues are down very substantially, oil and gas [are down] because of the oil price. And ... this is a weak economy," Portes told CNBC's " Europe Early Edition. " Michael Froman, president of the Council on Foreign Relations and former U.S. trade representative, told CNBC that Putin could agree to a ceasefire, but only if Trump offers serious concessions on Russia's oil exports, which have come under sanctions and restrictions, including an oil price cap. "I think if Putin comes in and says, 'Alright, I'm willing to accept a ceasefire, but you got to relieve the pressure on my oil sales,' well, that's a deal that that could be talked about, right? That's the president using leverage to get Putin to come to the table, to do something he was not willing to do before, which is to accept an unconditional ceasefire, and that would put an end to the fighting." "If the president is able to come back from Alaska with a ceasefire, that will be a significant achievement, if it they start getting into trading territory at Ukraine's expense, then it's not going to be a very good or sustainable agreement," Froman said.
Yahoo
an hour ago
- Yahoo
Asian shares are mixed after days of gains driven by hopes for US rate cuts
MANILA, Philippines (AP) — Asian shares were mixed on Thursday after days of gains driven by hopes for lower U.S. interest rates, while U.S. futures slipped. In Tokyo, the Nikkei 225 fell 1.4% to 42,657.94 as investors sold to lock in recent gains that have taken the benchmark to all-time records. The Japanese yen rose against the dollar after U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was 'behind the curve' in monetary tightening. He was referring to the slow pace if increases in Japan's near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales. The dollar fell to 146.55 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong's Hang Seng index shed less than 0.1% to 25,597.85, while the Shanghai composite index gained 0.2% to 3,690.88. South Korea's Kospi slid 0.3% to 3,215.61, while Australia's S&P ASX 200 index added 0.5% to 8,871.80. Taiwan's TAIEX fell 0.4%, while India's Sensex edged 0.1% higher. 'Asian markets opened today like a party that ran out of champagne before midnight — the music still playing, but the dance floor thinning out,' Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, U.S. stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut U.S. interest rates. The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, though they risk worsening inflation. Stocks of companies on Wall Street that could benefit most from lower interest rates helped lead the way. PulteGroup climbed 5.4%, and Lennar rose 5.2% as part of a broad rally for homebuilders and others in the housing industry. Lower rates could make mortgages cheaper to get, which could spur more buying. The cryptocurrency exchange company Bullish ended its debut day of trading after an initial public offering of more than $10 billion with a gain of nearly 84% to $68 a share. The hopes for lower interest rates are helping to drown out criticism that the U.S. stock market has broadly grown too expensive after its big leap since hitting a low in April. President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed Chair Jerome Powell while doing so. But the Fed has hesitated of the possibility that Trump's sweeping higher tariffs could make inflation much worse. Fed officials have said they want to see more fresh data about inflation before moving. On Thursday, a report will show how bad inflation was at the wholesale level across the United States. Economists expect it to show inflation accelerated a touch to 2.4% in July from 2.3% in June. In other dealings early Thursday, U.S. benchmark crude rose 24 cents to $62.89 per barrel. Brent crude, the international standard, added 27 cents to $65.90 per barrel. ___ AP Business Writer Stan Choe contributed. Teresa Cerojano, The Associated Press
