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Russia's Seaborne Crude Oil Exports Rebound To Above 3 Million Bpd

Russian weekly crude oil exports by sea returned to above 3 million barrels per day (bpd) in the week to April 14, bouncing back from an eight-week low in the previous week, data from vessel-tracking services compiled by Bloomberg showed on Monday.

Last week's jump in observed Russian crude oil shipments is not reflective of the ongoing production cut of 500,000 bpd and Moscow's claims that it had cut its output in March by 700,000 bpd.

The latest data showed that the fall in exports in early April may have been short-lived, Bloomberg's Julian Lee noted, commenting on the tanker-tracking data.  

In the week to April 14, Russia's crude oil shipments surged by 540,000 bpd compared to the week to April 7 and stood at 3.43 million bpd, per the data compiled by Bloomberg. The four-week average figures – a more reliable measure of export flows – also showed an increase. Crude exports by sea rose by 50,000 bpd to 3.39 million bpd in the four weeks to April 14.

As has been the case since the EU and G7 announced they would impose an embargo and a price cap on Russian crude oil imports, most of Russia's crude shipments were headed to Asia. In recent weeks, shipments to Asia have averaged over 3 million bpd, according to the data compiled by Bloomberg.  

Last month, Russia's crude oil and refined product exports surged to the highest level since April 2020 as fuel exports jumped, bringing $1 billion more to Putin's oil revenues last month compared to February, the International Energy Agency (IEA) said on Friday. Russian crude and product exports increased in March by 600,000 bpd, reaching 8.1 million bpd, the highest oil export levels from Russia in three years, the IEA said in its closely-watched Oil Market Report at the end of last week.

By Charles Kennedy for Oilprice.com

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