The value of Russian oil exports by sea has fallen to its lowest level in more than a year, at about $1,2 billion per week, the lowest since March 2023. write Bloomberg.
The publication notes that the reason was a sharp drop in supply volumes, which covered even a slight increase in prices.
In the four weeks to June 1, Russia exported an average of 3,24 million barrels of crude oil per day. This is 170 barrels less than in the previous four-week period. If we take just the week to June 1, the drop is more than 800 barrels.
Total revenue from deliveries for the week fell by $310 million to $990 million. Prices also sagged: Urals oil from the Baltic fell by $0,5 to $51,2 per barrel, from the Black Sea by $0,8 to $51,6, and the key ESPO grade from the Far East fell in price by $0,7 to $56,3.
Although the average price of Russian oil showed a slight increase for the first time in eight weeks, it did not offset the decline in volumes. Export volumes fell by 12% compared to April, and profits by 39%.
In Moscow, this decline coincided with efforts to stop another increase in production quotas within OPEC+, but Saudi Arabia and other members of the cartel did not support Russia. In July, the total production volumes within OPEC+ will increase by another 411 thousand barrels per day.
Russia is allowed to increase production to 9,24 million barrels per day, but part of this increase will have to be "given away" in the form of compensatory cuts for previous exceedances of limits.
Thank you for being with us! Monobank for the support of the ElitExpert editorial office.
