Bloomberg: Russia's Oil Revenues Fell To 2023 Levels

Russian oil exports continue to decline for a third week.

Russian oil exports continue to decline for a third week amid the trade war between the United States and China, Bloomberg reports. The gross value of crude oil supplies from Russia fell by 6% to $1.29 billion. Russia last received this much from the sale of raw materials in July 2023.

On April 9, the price of Russian Urals oil fell below $50 for the first time since June 2023. But the next day, amid the US decision to suspend the bulk of the previously announced “mutual” duties, the brand rose above this mark again.

Oil exports from all Russian ports for the four weeks ending April 13 fell to 3.13 million barrels per day — the lowest since February. According to ship tracking data and port agent reports cited by Bloomberg, a total of 29 tankers loaded 21.93 million barrels of Russian crude oil from April 7 to 13. A week earlier, the same number of ships loaded 22.23 million barrels of oil.

According to data from the Argus pricing agency, the price of Russian Urals crude from Primorsk (Baltic Sea) fell by about $9.10 per barrel over the week, while the cost of loading in the Black Sea fell by $9.40 per barrel. Russian ESPO oil (ESPO), traditionally classified as a premium category, fell by about $9.70. Prices for deliveries to India fell by about $9.

Deliveries of Russian oil to customers in Asia fell to 2.9 million barrels per day in the four weeks before April 13. The statistics also took into account vessels that did not indicate a specific destination, Bloomberg notes. During the specified period, Russia supplied Turkey with an average of about 210 thousand barrels of oil per day.

Oil prices began to decline on April 2, when US President Donald Trump announced the introduction of duties on 211 countries and territories in the amount of 10-50%. During this time, quotes fell by 20%. Additional pressure was exerted by China's retaliatory duties on US goods.

The fall in the market was exacerbated by the unexpected decision of OPEC+ to increase production volumes more than previously expected.

The member countries of the association agreed to increase production by 411 thousand barrels per day from May, which is three times more than the initially planned increase in production by 135 thousand barrels per day.

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