Russia’s weekly seaborne oil export revenue hits record $2.76 billion
Russia’s seaborne crude oil export revenue reached a record $2.76 billion in the week ending October 25, up roughly $430 million from the previous week. Weekly tanker loadings increased, but the four-week average export volume fell to 3.55 million barrels per day, its lowest level in five weeks.
Key points
- Weekly seaborne crude oil export revenue reached $2.76 billion, the highest since Russia began its full-scale invasion of Ukraine.
- 37 tankers loaded 26.93 million barrels, compared with 31 tankers and 21.87 million barrels the previous week.
- Average exports over four weeks fell to 3.55 million barrels per day, down 30,000 barrels per day from the previous period.
- Average daily shipments for the week rose by 730,000 barrels to 3.85 million barrels.
- Loadings from Primorsk resumed after a several-day interruption in tanker movements.
- No strikes on Russian oil-processing plants were reported during the seven days ending October 25.
- China and India remain the largest buyers of Russian oil.
Why it matters
The record weekly revenue shows the short-term financial scale of Russia’s seaborne oil trade despite sanctions and the war against Ukraine. However, the falling four-week average suggests the surge was driven partly by stronger weekly loadings rather than sustained growth in export volumes. The absence of reported refinery strikes also allowed Russia to process more oil, potentially reducing the amount available for export in subsequent weeks.
What happened
Russia’s weekly seaborne crude oil export revenue rose to $2.76 billion in the week ending October 25, roughly $430 million more than a week earlier. Thirty-seven tankers loaded 26.93 million barrels, up from 31 tankers and 21.87 million barrels the previous week. Average daily shipments reached 3.85 million barrels, the highest monthly rate recorded that week. Loadings from Primorsk resumed after a several-day interruption, while 12 tankers departed a terminal near Saint Petersburg, compared with four a week earlier. Over the full four-week period, average exports nevertheless fell to 3.55 million barrels per day, the lowest level in five weeks. Higher ESPO prices and increased shipments offset lower Urals prices. No strikes on Russian oil-processing plants were reported during the preceding seven days, allowing refineries to increase processing and potentially reduce future export availability.
How Ukrainian sources describe it
Ukrainian coverage emphasizes that Russia reached record weekly oil export revenue despite its full-scale war against Ukraine. It also highlights the divergence between the record one-week figure and the decline in four-week average export volumes, as well as the possible effect of resumed refinery operations on future exports. Ukrainian reporting further situates the figures against sanctions and reported US-Russian arrangements affecting Russian energy sales.
How international sources describe it
International coverage focuses on weekly export revenue, tanker movements, shipment volumes and the leading Asian buyers of Russian oil. It attributes the record revenue to resumed tanker loadings, increased shipments and rising ESPO prices, which compensated for lower Urals prices.
Background
Loadings from Primorsk resumed after a several-day interruption in tanker movements, while departures from a terminal near Saint Petersburg increased to 12 tankers from four a week earlier. Similar earlier interruptions were associated with maintenance of a port or the oil pipeline it supplied. Separately, Donald Trump said he had reached an agreement with Vladimir Putin on Russian diesel deliveries to American and global markets. US Energy Secretary Chris Wright said the agreement was partly intended to encourage the Kremlin to end the war against Ukraine.