The fall in Russian oil prices has led to a drop in export value to a two-year low. This was reported by UNN with reference to Bloomberg.
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According to tanker tracking data collected by Bloomberg, the average flow was 3 million 390 thousand barrels per day for the four weeks to May 25. This is only 10,000 barrels per day less than in the period up to May 18.
But the gross value of these cargoes was the lowest since April 2023. The value of Russian seaborne crude oil exports has been declining for more than 13 months.
Since export revenue reached about $1 billion 950 million per week for the 28-day period to April 21, 2024, the price of Russian crude oil has fallen by 28%, while supply has decreased by about 8%. It is unclear whether sanctions played a significant role in either of these trends,
As Bloomberg tracking data shows, sanctions imposed on the Russian shadow fleet by the UK and the European Union appear to have little impact, as buyers in China and India allow blacklisted vessels to unload in their ports. US measures seem more effective, but they are also starting to be ignored.