Russia's oil exports rose to a maximum in over a month - Bloomberg
Kyiv • UNN
Russia's seaborne oil shipments reached a one-month high due to attacks on refineries. Moscow's weekly export revenues rose to $2.35 billion.
Russia's seaborne crude oil shipments have risen to their highest level in more than a month after Ukrainian strikes shifted from export infrastructure to oil refineries. This allowed Moscow to increase shipment volumes and partially boost export revenues. Bloomberg reports this, according to UNN.
Ukraine has changed the direction of its attacks
According to the agency, in recent weeks, Ukrainian drones have more frequently targeted Russian refineries. In April, the Tuapse plant on the Black Sea was hit three times, and last week, the Yaroslavl oil refinery was struck.
The reduction in processing at such facilities means that more crude oil remains available for export.
Previously, Ukrainian strikes were aimed at the key ports of Primorsk and Ust-Luga on the Baltic Sea, as well as Novorossiysk on the Black Sea, which significantly slowed down shipment rates.
Shipments reached a maximum
The average four-week volume of Russian oil exports as of April 26 rose to 3.52 million barrels per day. This is the highest level in more than a month and approximately 350,000 barrels per day more than the previous week.
During the last reporting week, shipments reached 3.79 million barrels per day—the highest since March 22. In the week leading up to April 26, 36 tankers loaded 26.56 million barrels of Russian oil.
A week earlier, 35 vessels transported 26.47 million barrels.
India is buying more Russian oil
Bloomberg notes that an increasing number of ESPO crude shipments from Russia's Pacific ports are heading to India. In April, at least 10 ESPO cargoes departed for India, whereas in February, there were only three such shipments.
Due to longer routes, the total volume of Russian oil at sea rose to 114 million barrels, compared to about 100 million barrels two weeks ago.
Moscow's revenues rose despite falling prices
Russia's average gross revenue from oil exports on a four-week basis rose to $2.35 billion per week, up from $2.14 billion a week earlier.
At the same time, the price of Urals oil slightly decreased for the first time in eight weeks due to market instability related to the situation in the Middle East.
However, the increase in physical shipment volumes allowed the Kremlin to offset the price drop and increase oil revenues.