Russian oil exports hit record high amid strikes on Russian refineries - Bloomberg
Kyiv • UNN
Russian oil exports reached their highest level since 2022 due to strikes on refineries. This was facilitated by the lifting of US sanctions and growing demand in India.
Russia is exporting the largest amount of oil since the invasion of Ukraine in 2022, as record strikes on Russian oil refineries force more crude onto the global market, Bloomberg reports, according to UNN.
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The volume of Moscow's shipments since the beginning of the year stands at 3.46 million barrels per day, which is approximately 120,000 barrels per day more than in 2025 and exceeds the annual averages for every year since the Russian invasion of Ukraine in February 2022.
Shipments recovered after a previous slump caused by strikes on key export facilities in the Black and Baltic Seas, the publication writes. In May, attacks on oil refineries set a record, reducing processing to a 16-year low and prompting Moscow to ban aviation fuel exports in addition to the previously halted sale of gasoline abroad. The resumption of attacks on refineries is likely increasing the volume of oil available for overseas shipments, the publication points out.
The average four-week volume of oil shipments for the period ending May 31 was 3.64 million barrels per day, virtually unchanged from the revised figure of 3.68 million for the 28 days ending May 24, according to tanker movement data compiled by Bloomberg. And given the rise in global oil prices due to the war with Iran and the effective closure of the Strait of Hormuz, the value of Moscow's shipments in recent weeks has exceeded even the levels observed in the first months of the invasion of Ukraine, the publication writes.
Moscow found a ready market for its increased volumes after the US and Israel launched attacks on Iran in late February, prompting Tehran to effectively close the Strait of Hormuz. Against this backdrop, refineries are seeking alternatives, and the price of Russian oil has risen sharply along with global benchmarks. "US President Donald Trump helped the Kremlin by lifting sanctions on its shipments, which made it easier, in particular, for Indian refiners to increase purchases," the publication points out.
Over the past four weeks, daily Russian oil shipments have exceeded first-quarter figures by approximately 300,000 barrels, and the volume of its oil at sea continues to grow, reaching 124 million barrels on Sunday, which is about 25% more than in mid-April. Almost all of this oil is currently in transit rather than idling at sea, according to tanker tracking data.
Rising oil prices forced the US to ease restrictions on the purchase of Russian oil, which increased purchases by Indian refiners. Shipments in May averaged about 1.76 million barrels per day, which is 63% more than in February, the publication writes.
According to vessel tracking data and port agent reports, in the week ending May 31, 35 tankers loaded 25.58 million barrels of Russian crude. This volume is comparable to the revised figure of 27.57 million barrels on 37 vessels the previous week.
On a daily average, shipments for the week ending May 31 decreased to 3.65 million barrels per day from a revised 3.94 million the previous week.
Shipments can be volatile, affected by weather, maintenance work, sanctions, and delivery schedules.
During the week, three shipments of Kazakh Kebco grade oil were made from Novorossiysk.
On a four-week average, the gross value of Moscow's exports fell to $2.24 billion per week for the 28 days ending May 31 from a revised $2.38 billion for the period ending May 24, with lower Urals oil prices compounding the effect of a small drop in shipments. Based on this indicator, the value of exports remains at levels not seen since the early days of Moscow's war in Ukraine, the publication writes.
On a four-week average, export prices for Russian Urals oil loaded in the Baltic region decreased by approximately $4.80 to $84.87 per barrel, while a $4.60 drop led to a decrease in Black Sea oil prices to $83.56 per barrel. The price of Pacific ESPO oil fell by $3.30 to an average of $94.37 per barrel. Prices for deliveries to India fell for the sixth consecutive week, dropping by $6.10 to $108.73 per barrel, the lowest figure since March. All prices are provided according to Argus Media data.
On a weekly basis, the value of exports averaged about $2.06 billion for the 7 days ending May 31, which is $470 million less than the previous week's figure.