russian offshore crude oil exports rose for the second week in a row and reached the highest level in a month. This is UNN reported by Bloombergwith reference to Bloomberg.
"Flows increased by 120 ,000 barrels per day after a similar increase in the previous week, with major ports on the Baltic Sea and Pacific coasts operating near peak levels," the report said.
Four-week average cargo volumes reportedly fell 50,000 barrels per day to 3.41 million in the week to October 27, the first decline in five weeks. The drop reflected a surge in exports seen in the week to Sept. 29, dropped out of the calculation. But shipments on that basis remained above the 3.4 million mark, a level exceeded just four times since mid-May.
Refining in russia remains on track to decline to its lowest level since May 2022, leaving more crude available for export. Scheduled seasonal maintenance has reduced volumes, which may also be affected by lower margins making refining at some facilities in southern russia less attractive.
The rise in flows was driven by a slight increase in russian crude oil prices, which helped lift the gross value of Musk's exports by about $50 million to $1.6 billion in the week to Oct. 27.
A total of 32 tankers loaded 24.79 million barrels of russian crude oil in the week to October 27, according to vessel tracking data and port agent reports. The volume was up from a revised 23.93 million barrels on 32 vessels the previous week.
Despite the increase in weekly deliveries, the four-week average fell to 3.41 million barrels per day, down 50,000 from the previous week.
russia reportedly canceled its export targets in late May, opting instead to cap production, in line with its partners in the OPEC+ oil producer group. The country's production target is set at 8.978 million barrels per day through the end of November after a planned easing of some production cuts was postponed for two months.
moscow also pledged deeper production cuts in October and November this year, and then from March through September 2025, to offset pumping above the OPEC+ quota earlier this year.
Recall
A week earlier, crude supplies from russia reached the highest level since late June, amid how seasonal maintenance is set to reduce refinery throughput to the lowest level in more than two years.
