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Oil tankers pass through the Strait of Hormuz

Oil tankers pas through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo

Russian Oil Ports Shutdown

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March 5, 2022

(Bloomberg) Crude oil loadings in Russia’s Pacific port of Kozmino have been halted because of a storm that started Friday night, according to crude-pipeline operator Transneft PJSC. Other ports stopped due to overstocking.

The storm is set to continue until Sunday evening, the operator said in its daily statement. Kozmino sends cargoes of the Russian ESPO oil blend to Asia-Pacific markets. 

Loadings continue in line with clients’ requests at the CPC terminal near Russia’s Black Sea port of Novorossiysk, the Caspian Pipeline Consortium, which operates the terminal, said in a separate statement. The mid-term CPC loading plan “has not undergone any material adjustments,” it said. The facility is the end-point of the CPC pipeline running from Kazakhstan and co-owned by Russia, Kazakhstan and major international oil companies.

The Omsk refinery in western Siberia, owned by Gazprom Neft PJSC, has limited crude intake amid oil-product overstocking, Transneft said. Earlier this week, Rosneft PJSC’s Tuapse refinery in the south of the country stopped accepting oil due to fuel overstocking and its Ryazan refinery in central Russia “adjusted” oil intake.

The global oil market has been closely following crude and fuel exports from Russia, the operations of its key sea terminals and data on the nation’s refinery run to gauge the effects of unprecedented sanctions imposed following the Russian invasion of Ukraine.

While the restrictions haven’t yet targeted Russian energy exports, oil majors, international banks and shipowners have been exiting investments, curbing funding, and looking for alternative sources of fuel. The market is looking for signals on whether Russia has had to curb its oil and fuel export flows amid weaker demand.

© 2022 Bloomberg L.P.

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