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.