Seaborne exports of Russian crude rose to a near annual high in the second week of April, Bloomberg reported on Tuesday, adding that shipments from the country’s major ports were close to peak levels.
Russia’s seaborne crude exports rose by 560,000 barrels per day (bpd) to 3.95 million barrels in the week to April 14, the highest since May 2023. – said the news agency, referring to ship tracking data.
The less volatile four-week average also rose sharply, up about 250,000 barrels to 3.66 million, the highest since early June 2023.
Weekly average delivery was about 365,000 barrels and was reported to be about 490,000 barrels above Russia’s April target, part of a broader effort by the OPEC+ alliance to cut output and supply in an effort to balance oil prices.
Russia has agreed to cut oil exports by 500,000 barrels below the May-June average in the first quarter of this year, after several other members of the group agreed to further curtail output. The cut is expected to be split between Russian crude shipments, which are cut by 300,000 barrels per day, and refined products.
Shipments from the country’s main export terminals increased significantly and approached historical highs – writes the news agency.
Primorsk, the country’s largest oil loading port in the Gulf of Finland, has handled ten tankers in three of the past four weeks, according to vessel tracking data.
Bloomberg suggested that the trend likely reflects a shift toward exports of oil that would have been processed at Russian refineries that have recently been attacked by Ukrainian drones. According to the data, since the beginning of 2022, the port has not handled more than 11 tankers in a week.
The surge in exports was coupled with higher prices for Russia’s flagship oil blend, Ural. In monetary terms, Russian crude oil exports reportedly jumped to $2.15 billion in the seven days to April 14 from $1.82 billion previously. At the same time, the four-week average revenue rose by about $170 million to $1.92 billion per week.
