Russia's revenue from seaborne oil exports reached $2.76 billion last week, the highest level since the start of its full-scale invasion of Ukraine. According to Bloomberg calculations, the value of shipments increased by approximately $430 million compared with the previous week.
The increase in revenue was accompanied by a substantial rise in export volumes. During the week, 37 tankers departed Russian ports carrying a total of 26.93 million barrels of crude oil. A week earlier, 31 vessels transported 21.87 million barrels.
However, the longer-term trend points to a slight decline in shipments. Over the four weeks ending October 25, Russia's seaborne crude exports averaged 3.55 million barrels per day. That was 30,000 barrels per day less than the average for the four-week period ending October 18.
Future export volumes could be affected by the recovery of Russian oil refineries damaged in Ukrainian attacks. Bloomberg notes that a reduction in the intensity of strikes on refineries could allow Russia to increase domestic crude processing.
If the damaged facilities resume operations, some of the crude currently being exported could once again be processed at Russian refineries. This could reduce the volumes available for overseas shipments in the coming weeks.
China, India and other Asian markets remain the main destinations for Russian oil exports. However, Bloomberg points to the possibility of reduced purchases by Indian companies.
Among the reasons are high shipping costs and the availability of cheaper offers from Middle Eastern suppliers. These factors could weaken the competitiveness of Russian crude in the Indian market despite the recent record in weekly export revenue.
