The value of Russia's seaborne oil exports rose to US$2.76 billion in the latest weekly period, the highest figure recorded since the start of the full-scale invasion of Ukraine, according to Bloomberg. The total was up by roughly US$430 million from the previous week.
Bloomberg said a drop in prices for Russia's Urals crude was outweighed by two other factors: a sharp increase in the volume of oil being shipped and a rise in the price of the ESPO grade.
Vessel-tracking data and industry reports show that about 37 tankers loaded 26.93 million barrels of Russian crude in the week ending 25 October. The week before, 21.87 million barrels were loaded onto 31 tankers.
China and India remain the biggest buyers of Russian crude. Bloomberg noted, however, that the final destination of individual cargoes often cannot be established until a vessel has covered a substantial part of its journey. For that reason, many recent tanker shipments list only intermediate destinations.
The record weekly revenue sits alongside a weaker picture for volumes over a longer period. In the four weeks to 25 October, Russian oil exports averaged 3.55 million barrels per day. That was 30,000 barrels per day lower than in the period ending 18 October and the lowest level in five weeks.
Bloomberg said Russia shipped its lowest volume of oil in more than a month even though operations at its main Baltic port resumed quickly after an earlier shutdown.
The figures come against a mixed backdrop for Russian energy income. Russia's energy revenues have fallen by 17% this year, despite oil prices reaching their highest level in more than a decade.
Diesel is another area of movement. Russia increased its diesel production in October after the government granted producers export quotas under a supply agreement between the Kremlin and the United States. Moscow subsequently began resuming diesel deliveries to Türkiye and Brazil.
