Russia's weekly seaborne oil exports generate record revenue since start of full-scale war – Bloomberg

The value of Russia's seaborne oil exports reached US$2.76 billion last week, the highest figure since Russia's full-scale invasion of Ukraine began.

Source: Bloomberg

Details: The value of Russian seaborne oil exports rose by around US$430 million to US$2.76 billion, setting a record for the period since the start of the full-scale war, Bloomberg said.

The decline in prices for Russia's Urals crude was offset by a sharp increase in supply volumes and a rise in the price of Russia's ESPO grade.

According to vessel-tracking data and industry reports, about 37 tankers loaded 26.93 million barrels of Russian crude in the week ending 25 October.

A week earlier, 21.87 million barrels were loaded onto 31 tankers.

China and India remain the largest buyers of Russian crude. However, the final destination of individual cargoes cannot always be determined until vessels have travelled a substantial part of their route. As a result, many recent tanker shipments list only intermediate destinations, Bloomberg noted.

Meanwhile, Russia shipped its lowest volume of oil in more than a month, despite the rapid resumption of operations at its main Baltic port following an earlier shutdown.

In the four weeks to 25 October, Russian oil exports fell to 3.55 million barrels per day. This was 30,000 barrels per day below the figure for the period ending 18 October and the lowest level in five weeks.

Background:

• Russia's energy revenues fell by 17% this year, despite oil prices reaching their highest level in more than a decade.
• Russia increased diesel production in October after the government granted producers export quotas under a supply agreement between the Kremlin and the United States.
• Russia subsequently began resuming diesel supplies to Türkiye and Brazil.

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