According to tanker-tracking data, Russian seaborne oil exports reached a three-month high in the week leading up to October 1. The country shipped approximately 3.72 million barrels per day (bpd) of crude oil during that week, marking a 24% increase compared to the previous week and the highest level since July 2. This surge in exports raised Russia’s four-week shipment average to around 3.3 million bpd, up from 3.2 million bpd in the period ending on September 24.
Moscow’s plans to reduce oil exports by 300,000 bpd against the May/June baseline until the end of the year align with the current shipments average. Bloomberg’s calculations estimate that shipments should be running at approximately 3.28 million bpd.
The increase in exports can be attributed to the completion of maintenance work that had previously limited flows from two major ports. Shipments from Kozmino on the Pacific coast and Primorsk on the Baltic Sea were affected by this maintenance. As a result of the increased shipments, Russian revenues from crude export duties saw a simultaneous rise, reaching $77 million last week, the highest recorded this year. The country’s four-week average income also experienced a significant surge, reaching $68 million, the highest since mid-January.
Russian Deputy Prime Minister Alexander Novak confirmed that Russia intends to adhere to its voluntary cut in crude oil exports of 300,000 bpd throughout October, and most likely until the end of 2023. Novak emphasized that this voluntary cut aims to support the stability and balance of oil markets, in line with the efforts made by OPEC+ countries. Authorities will reassess the market situation in November to determine whether these cuts should be extended.
In related news, Russia has become the largest oil supplier to a key African state. This development reinforces Russia’s position as a major player in the global oil market.
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