Kazakh Oil Rerouted to Novorossiysk as Russia Frees Baltic Export Capacity
Photo: CPC
Russia is redirecting Kazakh oil from the Baltic port of Ust-Luga to Novorossiysk on the Black Sea, freeing Baltic export capacity for its own crude, Orda.kz reports, citing Reuters.
Four industry sources told the agency that Moscow wants Kazakh transit volumes normally shipped through Ust-Luga to be redirected to the Black Sea from late August until at least the end of September.
At least two tankers scheduled to load Kazakhstan’s KEBCO crude at Ust-Luga in late August have already been diverted to Novorossiysk. No KEBCO loadings are planned at the Baltic port in September.
The move will free about 100,000 barrels per day of export capacity at Ust-Luga for Russian crude.
Why Russia Is Changing the Route
Ukrainian drone attacks have made shipowners more reluctant to carry Russian oil from Black Sea ports. The resulting shortage of available tankers has delayed loadings.
Kazakh crude is easier to ship from the region. Following pressure from Washington, Ukraine reportedly agreed not to attack vessels carrying non-Russian oil or ships that are not under Ukrainian sanctions.
According to Reuters, Kazakh oil producers have not objected to the change because exports through the Black Sea are currently more profitable than shipments through the Baltic.
Most KEBCO crude is purchased by Mediterranean refiners. Some volumes are also delivered to European refineries owned by KazMunayGas.
The energy ministries of Kazakhstan and Russia did not respond to Reuters’ requests for comment.
Original author: Ruslan Loginov
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