Overview
- OFAC’s initial analysis of the Oct. 22 measures finds Russian oil prices have dropped, curbing Moscow’s revenues and pointing to lower sales volumes over time.
- Nearly a dozen large Chinese and Indian refiners have indicated they will suspend purchases for December loadings, according to the Treasury’s assessment.
- LSEG data show Urals loaded at Novorossiysk traded at $45.35 per barrel on Nov. 12, the lowest since March 2023, reflecting deeper discounts to benchmarks.
- Global benchmarks eased as traders reassessed supply risks after oil loading resumed at Novorossiysk and as U.S. inventory data signaled a supply build.
- Uncertainty over enforcement and the risk of Russian use of a shadow tanker fleet persist, with a Nov. 21 cutoff set for companies to cease cooperation with Rosneft and Lukoil.