Russian oil shipping costs to India surge

Russian oil shipping costs from western ports to India soared to record levels in early October, due to escalating risks in the Black Sea and the continued rise in global shipping prices. The cost to ship Urals crude to Asia reached approximately $30 per barrel, while the expenses for a single voyage from the Black Sea to India increased to between $27 million and $30 million, compared to $19 million in September. Shipping rates from the Black Sea to the Mediterranean also hit a record high, along with the rising costs of transporting oil from the Baltic Sea ports to India. These developments are intensifying pressure on Russian oil export revenues and impacting profitability due to the rising transportation costs.

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