In the week ending October 25, the value of Russian oil exports by sea reached $2.76 billion, the highest since the start of the full-scale war against Ukraine.
This is reported by Bloomberg, citing ship tracking data and calculations based on oil prices.
Russiaʼs revenue rose by about $430 million over the week. Urals prices rose, offsetting higher supplies and the eighth consecutive week of rising ESPO prices.
Bloomberg reports that 37 tankers loaded 26.93 million barrels of Russian crude oil last week, compared with 31 tankers carrying 21.87 million barrels the week before.
Meanwhile, in the four weeks to October 25, average seaborne exports of Russian oil fell to 3.55 million barrels per day, the lowest level in five weeks. This is 30,000 barrels per day less than in the previous four-week period.
China and India remain the largest buyers of Russian oil. However, the final destinations of some cargoes become known only after the tankers have traveled a significant part of the route.
What preceded
On October 9, the US President Donald Trump reported that he had reached an agreement with Putin to supply Russian diesel to the US and world markets. At the time, he explained this by saying that this agreement, together with US control over the Strait of Hormuz, would help to quickly reduce diesel prices in the US and the world.
According to Trump, Russia would initially supply 300 000 tons of fuel, followed by another 500 000 tons in November, and then another million tons.
The US Energy Secretary Chris Wright said that one of the reasons for the agreements with Russia was to encourage the Kremlin to end the war against Ukraine. On October 17, Trump suspended the “hellish sanctions against Russia” law. The law gave the right to impose tariffs on countries that buy Russian energy.
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