Russia's weekly seaborne oil exports hit wartime record of $2.76 billion, Bloomberg reports
The estimated gross value of Russia's seaborne crude oil exports reached $2.76 billion in the week ending October 25, the highest weekly figure since the start of its full-scale invasion of Ukraine, Bloomberg reported on October 27.
The value of shipments rose by approximately $430 million from the previous week, driven by a sharp increase in export volumes and higher prices for Russia's ESPO crude grade, which offset a decline in prices for its Urals crude.
According to vessel-tracking data and industry reports compiled by Bloomberg, 37 tankers loaded approximately 26.93 million barrels of Russian crude during the week, compared with 21.87 million barrels loaded onto 31 vessels the previous week.
The increase was partly driven by a rebound in shipments from the Baltic port of Primorsk, where 12 tankers departed last week, compared with four the week before.
However, the longer-term trend was less favorable for Moscow. Russia's seaborne crude exports averaged 3.55 million barrels per day over the four weeks ending October 25, down 30,000 barrels per day from the preceding four-week period and the lowest level in five weeks.
Bloomberg also reported that a recent pause in Ukrainian strikes on Russian oil refineries had allowed Moscow to increase domestic crude processing. If the pause continues and damaged refineries resume operations, more oil could be diverted from exports to domestic processing.
China and India remain the largest buyers of Russian crude, although the final destinations of some shipments are difficult to establish while tankers are still at sea.
Bloomberg's $2.76 billion figure represents the estimated gross value of crude shipments, calculated using export volumes and market prices, rather than confirmed revenue received by the Russian government.