Updated
Updated · Bloomberg · Jun 30
Russia Lifts Crude Exports to Record 4.13 Million BPD as Prices Halve
Updated
Updated · Bloomberg · Jun 30

Russia Lifts Crude Exports to Record 4.13 Million BPD as Prices Halve

1 articles · Updated · Bloomberg · Jun 30

Summary

  • Four-week average Russian crude shipments hit 4.13 million barrels a day through June 28, the highest since the 2022 invasion, while oil held at sea rose about a third from a mid-April low.
  • Ukraine's refinery strikes are helping drive the surge by diverting crude that cannot be processed at home into export channels; recent targets included Ufa, Yaroslavl and Slavyansk-na-Kubani.
  • Cargoes are starting to pile up near Egypt and Singapore, suggesting Moscow is finding it harder to place all its barrels even as abundant Russian supply helps offset still-restricted Persian Gulf flows.
  • Baltic-loading crude is worth about half its early-May level, and tumbling ESPO prices pushed the value of Russia's oil shipments to the lowest since March.

Insights

As its shadow fleet clogs the seas, is Russia winning the export war but losing the price war?
Will a US-Iran peace deal and reopened Hormuz Strait deliver the final blow to Russia's sanctioned oil economy?