Russia has boosted oil exports to record levels — Bloomberg
Last week, Russia increased its oil exports, with supply volumes remaining close to this year’s highest levels. The rise in exports is reportedly linked to the situation in the Middle East and steady demand for Russian oil. At the same time, oil destined for India has been falling in price for the fifth consecutive week.
This is reported by Bloomberg.
It is noted that from May 18 to 24, Russia shipped an average of 3.66 million barrels of oil per day, compared to 3.65 million barrels from April 19 to May 17.
The lion’s share of Russian oil is traditionally shipped to Asian countries.
According to Bloomberg, oil shipments to India this month will average about 1.85 million barrels per day, which is nearly 70% more than in February. Overall, from April 26 to May 24, Russia exported an average of 3.47 million barrels of oil per day to Asian countries.
Revenue from Russian oil exports for the period from April 26 to May 24 rose from $2.33 billion to $2.36 billion per week, driven by a slight increase in Urals crude prices.
According to the independent international pricing agency Argus Media, the price of Russian Urals crude rose by approximately $0.70 to $89.64 per barrel between April 26 and May 24, assuming shipment from Baltic ports. At the port of Novorossiysk, the most popular export grade of Russian crude rose by $0.80 to $88.12 per barrel.
The price of ESPO crude, which is mainly supplied to China, jumped by $2.10 to $97.65 per barrel.
Meanwhile, the price of Russian oil delivered to India fell by $1.10 to $114.86 per barrel. The publication notes that Russian oil delivered to India has been falling in price for the fifth consecutive week.
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