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24 January 2023 | Other

Russian oil exports fell by 820,000 bpd last week

Brent
WTI Light Crude Oil

According to Bloomberg, Russian crude cargoes from its key export terminals dropped 22% last week compared to the previous one. The loss amounted to 820,000 bpd.

Last week's total Russian offshore crude exports of 2.98 million bpd were significantly lower than the previous week.

Bloomberg’s Julian Lee notes that even after last week's drop, Russia's average crude oil exports for the month were about 3 million bpd. That result is broadly in line with Russia's average crude supply in the second half of 2022.

Russia's weekly crude revenues fell to their lowest level since last year. It was caused by  the fall of the Urals’ price with subsequent change in export duty per crude barrel. Last week's decline in export volumes also affected the overall profit situation.

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