Russian seaborne oil exports have reached a four-month high, according to tanker-tracking data reported by Bloomberg. Last week, Moscow shipped approximately 3.53 million barrels per day (bpd) of crude, marking a 20,000 bpd increase compared to the previous week. This is the highest level of exports since June.
The surge in oil exports has boosted Russia’s four-week shipment average to around 3.5 million bpd. This represents a significant increase of 610,000 bpd in the past two months. Notably, these shipments align with Russia’s commitment to reduce oil exports by 300,000 bpd against the May/June baseline until the end of the year. Bloomberg’s calculations suggest that shipments should ideally be running at approximately 3.28 million bpd.
The rise in exports can be attributed to increased flows from Russia’s key ports of Kozmino on the Pacific coast and Primorsk on the Baltic Sea. These have offset the drop in exports from the Black Sea ports.
As a result of increased shipments, Russian revenues from crude export duties have reached a new high for the year. The four-week average has been steadily climbing for the past 12 weeks, setting a new high since mid-January.
This development suggests that Russia is taking advantage of rising global demand for oil. Despite efforts to transition to cleaner energy sources, demand for crude oil remains strong, driven by industries such as transportation and manufacturing. Russia, being one of the world’s leading oil producers, is capitalizing on this demand by exporting more oil.
However, it is important to consider the environmental implications of increased oil exports. Crude oil is a fossil fuel that contributes to greenhouse gas emissions and climate change. It is crucial for Russia, along with other oil-producing countries, to balance economic interests with long-term sustainability goals.
In conclusion, Russian seaborne oil exports have reached a four-month high, with shipments averaging 3.5 million bpd over the past four weeks. This is in line with Russia’s commitment to reduce oil exports by 300,000 bpd until the end of the year. The increase in exports can be attributed to higher flows from key ports, offsetting a drop in exports from other ports. The rise in shipments has also led to higher revenues from crude export duties. While this is beneficial for Russia’s economy, it is important to consider the environmental impact of increased oil exports.