Russia's maritime crude oil exports hit a two-month low, with many oil tankers' destinations remaining "a mystery."

Jin10 Data, November 11th: Data shows that Russia’s maritime crude oil shipments have declined for the third consecutive week, dropping to the lowest level in two months. The reduced volume, combined with lower prices, has impacted the Kremlin’s revenue. Vessel tracking data indicates that over the four weeks ending November 9th, Russia shipped an average of 3.45 million barrels of crude oil per day, approximately 130,000 barrels less than the same period ending November 2nd. Last month, the United States sanctioned Russia’s two largest oil producers, prompting some Asian buyers to reduce their purchases. It is difficult to determine exactly what procurement reductions are occurring, as tankers are delaying revealing their destinations as much as possible. Among the cargo loaded in the past four weeks, about 35% of ships still have no final destination shown, and the backlog of undelivered Russian crude oil on tankers has increased. Most of the ships with unknown destinations are headed towards the Suez Canal in Egypt, which almost certainly means they are en route to Asia. The final buyers will only be identified once these ships arrive.