As Urals flows to Europe are drying up, being partly replaced by a ramp-up and re-routing of Johan Sverdrup deliveries, Russian crude supply should decline from December onwards. Moreover, a short-term supply disruption was resolved, after a dispute between the Turkish government and a club of WoS maritime insurers caused a backlog of 15-30 vessels in the Turkish straits.
As the dust settles on November crude exports, the impact of winter storms appears to have halted a three-month consecutive streak of record monthly exports. But there is one record achieved in November – that of a high watermark for daily crude exports. On 17 November, after a lone 693 kb loading on the previous day from Houston, some 12.45 Mb were loaded across five ports – the highest volume since the US crude export ban was lifted in late 2015.