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25 Oct, 2023 16:32

Russian seaborne crude exports jump to four-month high – Bloomberg

Shipments have reportedly averaged 3.5 million barrels a day for the past four weeks
Russian seaborne crude exports jump to four-month high – Bloomberg

Russian seaborne oil exports climbed steadily to reach a four-month high in the week to October 22, Bloomberg reported on Tuesday, citing tanker-tracking data.

Moscow shipped roughly 3.53 million barrels per day (bpd) of crude last week, an increase of 20,000 bpd compared to the previous week, and the highest level since June.

The surge lifted Russia’s four-week shipment average to about 3.5 million bpd, up from 3.36 million bpd in the period to October 15, representing an increase of 610,000 bpd in the past two months, the news agency said.

The shipments average is currently in line with Russia’s commitment to cut oil exports by 300,000 bpd against the May/June baseline until the end of the year. According to Bloomberg’s calculations, shipments should be running at around 3.28 million bpd.

The weekly gain in shipments reportedly came as flows from Russia’s key ports of Kozmino on the Pacific coast and Primorsk on the Baltic Sea increased, offsetting a drop in exports from the Black Sea ports.

Russian revenues from crude export duties rose to a new high for the year along with increased shipments last week.

The four-week average climbed for 12 weeks in a row, setting a new high for the period since mid-January, tracking data showed.

For more stories on economy & finance visit RT's business section

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