Bloomberg said Russia’s total oil supply also fell, but this was softened by rising oil prices.
Weekly crude oil supplies from Russia have fallen to the lowest level since the 2022 invasion of Ukraine, Bloomberg reports.
The media said there was no clear reason for the drop in shipments. There are no gaps in loading programs and no storms have been reported. But supplies from the Baltic, Black and Pacific seas fell compared to last week.
Russia’s improved compliance with OPEC+ production targets could lead to a reduction in the amount of oil available for export. According to Moscow’s conversion factor of 7.18 barrels per ton, production fell by about 360,000 barrels per day between March and June.
Russia’s total oil supplies also fell, but the decline was softened by a fourth straight weekly increase in oil prices.
A total of 25 tankers loaded 18.7 million barrels of Russian oil in the week ending July 7. This was a sharp drop from 25.66 million barrels the previous week.
About 900 thousand barrels of oil per day are loaded onto tankers bound for China.
The total value of Russian oil exports fell to $1.44 billion in the week to July 7 from about $1.92 billion in the period to June 30.
The weekly gross was still the lowest since the last week of January 2024.
As we already wrote, revenues from the sale of oil and gas in the Russian Federation increased by about 41% year-on-year in the first half of the year – to $65.12 billion due to the increase in oil prices and the weakening of the ruble.
It was previously reported that in May, Russia overtook the United States for the first time in nearly two years to become Europe’s largest gas supplier.
Source: korrespondent
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