Investing.com -- Russia's seaborne crude oil shipments have seen a decline of approximately 11% since October due to maintenance work at one of the country's key export terminals. The average volume over the last four weeks was recorded at 3.06 million barrels daily, a decrease from the recent peak of 3.46 million barrels daily two months ago.
This decline coincides with increased pressure from Western nations on Russia's shadow fleet of tankers, which has been built up to maintain the flow of oil. Additionally, refinery operations have reached their highest weekly rate since mid-August, which could potentially reduce the amount of crude oil available for export. Russia is also facing increased pressure to adhere to its OPEC+ production target, which has been extended until the end of March.
In response to Russia's oil trade, European countries have increased sanctions on the vessels transporting Moscow's oil. The European Union added 42 oil tankers to its list of sanctioned vessels on Monday, with more than half of these already sanctioned by the UK. In a separate move, 12 European countries are preparing to tighten restrictions on tankers transporting Russian petroleum globally by requesting proof of protection against oil spills and other high-cost claims.
Ukraine has identified 238 tankers it believes are part of the shadow fleet, with plans for authorities to impose further sanctions on these carriers. Nearly two-thirds of the tankers sanctioned by Western nations for their involvement in the Russian oil trade remain idle, with many congregating near Russian ports.
Russia has extended its ban on oil sales to foreign buyers who comply with a price cap mechanism imposed by the G7 nations until the end of June. This is in response to Russia's invasion of Ukraine in 2022.
In other developments, Russia's oil exporters are strengthening their relationships with buyers in India. Rosneft, a Russian oil company, has agreed to supply approximately 500,000 barrels of crude oil daily to Reliance Industries (NS:RELI) under a 10-year contract set to begin in January.
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