Russian Seaborne Oil Sales Hit Record High

Russia’s weekly seaborne oil exports generated their highest revenue since the full-scale invasion of Ukraine began, according to data released by Bloomberg. The value of these shipments reached US$2.76 billion for the week ending October 25, marking a new peak for the period since the war started.

The revenue increase of approximately US$430 million was driven by a sharp rise in supply volumes and higher prices for the ESPO grade. These gains offset a decline in prices for Russia’s Urals crude. Vessel-tracking data and industry reports indicate that about 37 tankers loaded 26.93 million barrels of Russian crude during that week. In the prior week, 31 tankers loaded 21.87 million barrels.

China and India continue to serve as the largest buyers of Russian crude. However, Bloomberg noted that the final destination of many cargoes remains uncertain until vessels have traveled a substantial portion of their route. Consequently, many recent shipments list only intermediate destinations rather than final ports of call.

Despite the record weekly revenue, Russia shipped its lowest volume of oil in more than a month. Operations at its main Baltic port resumed rapidly after an earlier shutdown, but the overall export pace slowed. In the four weeks leading up to October 25, Russian oil exports fell to 3.55 million barrels per day. This figure was 30,000 barrels per day lower than the period ending October 18, representing the lowest level in five weeks.

Russia’s energy revenues have dropped by 17 percent this year, even as oil prices reached their highest level in over a decade. The country increased diesel production in October after the government granted producers export quotas under a supply agreement with the United States. Russia has since begun resuming diesel supplies to Türkiye and Brazil.