Bloomberg: Russian oil revenues reach their highest point since 2022

Russian oil exporters have seen their average weekly revenue from seaborne shipments hit $2.02 billion over the past four weeks. 

The figure, considered more stable than single-week earnings, marks the highest level since June 2022, Bloomberg notes.

According to the article, the same measure stood at $1.79 billion just a week earlier, with the publication citing the sharp rise in Russian crude prices. 

Bloomberg cites pricing data collected by Argus Media, which shows that Urals crude delivered from the Baltic Sea jumped $12.50 per barrel to $85.73, while Black Sea deliveries reached $84.07 per barrel. At the same time, ESPO crude from Far East ports climbed to $92.11 per barrel.

While these are substantial price gains, analysts told the outlet that Moscow’s revenue could have been even higher if not for Ukrainian drone strikes on key oil-loading ports in the Baltic and Black Seas, which have curtailed export capacity. Shipments from Ust-Luga in the Baltic Sea, for example, have been suspended for a week following repeated attacks, though operations have resumed at Primorsk on the opposite side of the Gulf of Finland.

Despite these disruptions, Bloomberg reports that Russia is rapidly engaged in moving oil that had been stored on tankers at sea due to a shortage of buyers. Floating reserves have dropped from 140 million barrels to 105 million, indicating brisk sales activity.

By Nazrin Sadigova