14.09.2026, 16:34
The transportation of Russian oil has become record‑expensive
Source: OREANDA-NEWS
OREANDA-NEWS The cost of transporting batches of Russian oil from the port of Novorossiysk increased to historical highs for the week from August 31 to September 6. This is reported by Kommersant, citing a review by the Price Index Center (PIC).
The cost of delivery to West India by an Aframax-class tanker increased by 2.7 percent, to $23.3 per barrel, and to North China — by 3.1 percent, to $25.7. The rates have been rising for the seventh consecutive week.
According to analysts, the growth is linked to increased shipping risks, higher insurance costs, and a decline in the number of owners willing to send vessels into the Black Sea. Against this backdrop, the cost of transporting raw materials from Novorossiysk to Turkey also increased by 2.2 percent, to $12.8 per barrel.
According to Reuters, since early September, the cost of transporting a batch of Russia’s main export grade of Urals oil from Novorossiysk to India has remained at the level of $18-20 million per voyage.
Supplies of Russian oil from Baltic ports are also becoming more expensive. For example, the freight for an Aframax-class tanker to East India will cost $17.2 per barrel, which is 3.7 percent more than a week earlier. According to the CCI, there is no shortage of ships in the Baltic region; however, given the willingness of buyers from India to take free shipments from the Primorsk port, if free volumes become available there, the rental cost may continue to rise.
Andrey Polishchuk, senior analyst for the oil and gas and transport sectors at Eiler, notes that even taking into account the record‑high prices for supplies, the profitability of Russian oil exports is growing, as the surge in prices for the benchmark Brent crude offset all the problems. Nevertheless, Sergey Frolov, managing partner at NEFT Research, reminds that logistical restrictions in the Black Sea remain a problem that reduces sales revenues.
Earlier, the International Energy Agency (IEA) suggested that global oil demand in 2026, taking into account shipping problems in the Persian Gulf, would fall by 2.5 million barrels per day.
The cost of delivery to West India by an Aframax-class tanker increased by 2.7 percent, to $23.3 per barrel, and to North China — by 3.1 percent, to $25.7. The rates have been rising for the seventh consecutive week.
According to analysts, the growth is linked to increased shipping risks, higher insurance costs, and a decline in the number of owners willing to send vessels into the Black Sea. Against this backdrop, the cost of transporting raw materials from Novorossiysk to Turkey also increased by 2.2 percent, to $12.8 per barrel.
According to Reuters, since early September, the cost of transporting a batch of Russia’s main export grade of Urals oil from Novorossiysk to India has remained at the level of $18-20 million per voyage.
Supplies of Russian oil from Baltic ports are also becoming more expensive. For example, the freight for an Aframax-class tanker to East India will cost $17.2 per barrel, which is 3.7 percent more than a week earlier. According to the CCI, there is no shortage of ships in the Baltic region; however, given the willingness of buyers from India to take free shipments from the Primorsk port, if free volumes become available there, the rental cost may continue to rise.
Andrey Polishchuk, senior analyst for the oil and gas and transport sectors at Eiler, notes that even taking into account the record‑high prices for supplies, the profitability of Russian oil exports is growing, as the surge in prices for the benchmark Brent crude offset all the problems. Nevertheless, Sergey Frolov, managing partner at NEFT Research, reminds that logistical restrictions in the Black Sea remain a problem that reduces sales revenues.
Earlier, the International Energy Agency (IEA) suggested that global oil demand in 2026, taking into account shipping problems in the Persian Gulf, would fall by 2.5 million barrels per day.
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