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Russian oil supplies hit a three-month high

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Cargo traffic increased by 850,000 barrels per day, despite lower oil prices and lower refining volumes.

Last week, Russian crude oil supplies rose to a three-month high after flows from the country’s main Pacific terminal at Kozmino resumed and exports from Primorsk in the Baltic increased. Bloomberg wrote this on Tuesday, October 1.

Cargo traffic increased by 850,000 barrels per day, despite lower oil prices and lower refining volumes.

Weekly Russian crude oil shipments rose to 3.26 million barrels per day, the highest since June, Bloomberg reported. In the week ending September 29, 35 tankers loaded 26.17 million barrels of Russian oil, compared with 20.23 million barrels on 27 vessels the previous week.

The average weekly price for Russian oil, however, fell by more than $1 per barrel. Russia’s average oil refining rate fell to 5.28 million barrels per day, the lowest since June, due to seasonal refinery maintenance.

The total value of Russian crude oil exports rose to $1.68 billion per week, although weekly flows were partially offset by falling prices for Russia’s main crude oils. Oil prices from Baltic ports fell by about $1.20 a barrel, and supplies from the Black Sea fell by about $1.40 a barrel.

Let’s remember that according to the draft three-year budget, analyzed by Bloomberg, the main source of funds for the Kremlin will be reduced by 14% from 2024 to 2027, which will have consequences for the war in Ukraine and the growth of Moscow’s military spending.

Russia may leave the list of leading oil producing countries
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Source: korrespondent

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