Russia has boosted oil exports to their highest level since 2022 amid attacks on refineries — Bloomberg
Russia has reached its highest oil export volumes since the start of its full-scale invasion of Ukraine in 2022. One of the reasons cited is Ukrainian strikes on Russian oil refineries, which are forcing Moscow to divert more crude oil to foreign markets.
According to Bloomberg, since the start of 2026, Russia has been exporting an average of 3.46 million barrels of oil per day. This is 120,000 barrels more than last year and also higher than the annual averages for all years since the start of the full-scale war.
After a temporary decline due to attacks on export infrastructure in the Black and Baltic Seas, shipments have begun to rise again. The agency notes that strikes on refineries and oil pumping stations are increasing the volume of crude oil available for export.
An additional factor was the reduction in supplies from the Persian Gulf following the escalation of tensions surrounding Iran. As a result, global refiners began to actively seek alternative sources of crude, and demand for Russian oil rose.
India remains the largest buyer of Russian oil. In May, average daily shipments to the country amounted to approximately 1.76 million barrels, which is 63% more than in February.
According to Bloomberg estimates, the volume of Russian oil in maritime transit has risen to 124 million barrels, which is about a quarter higher than the low levels seen in mid-April.
Source: Bloomberg.
Oil prices have surged again, approaching $100 per barrel. The reason is shipping disruptions through the Strait of Hormuz, despite the ceasefire with Iran. The market remains volatile following a sharp drop the previous day.
Oil prices surged following reports of strikes on an Iranian oil terminal on Kharg Island. U.S. crude rose by more than 2%. The market is reacting to the risk of supply disruptions.
