Russian oil exports rose following cargo delivery to Japan

Russian crude exports rose in the four weeks to June 8 after a strong rebound in weekly flows. Japan’s Taiyo Oil refinery took the first cargo delivered to the G7 nation in over two years, signaling growing buyer willingness to resume trade relations with Russia, Bloomberg reports.

According to the news agency, exports averaged 3.36 million barrels per day. Shipments saw significant growth driven by increased flows from the Baltic and Arctic ports.

The Japanese government had a waiver to buy the oil. As told by the US administration officials, the country may use ships currently under sanctions for the delivery. The export increase was further supported by rising oil prices. In this regard, the value of Russia’s seaborne crude shipments reached their highest level in a month.

In the week ending June 8, the gross value of Russian exports surged by approximately $320 million (30%) to $1.42 billion, marking a three-month-high.