Russia Boosts Crude Exports Amidst Oil Price Surge
Russia's crude exports have surged as oil prices reach their highest level since May. According to tanker-tracking data, seaborne crude exports averaged 3.54 million barrels a day in the four weeks to Sept. 13, with the sharpest weekly increase since mid-May.
The spike coincided with Brent's climb to its highest level since May after drone strikes shut Saudi Arabia's East-West pipeline, a route the kingdom has relied on while Iran effectively blocks the Strait of Hormuz.
Russia is reshuffling routes to push more oil through safer outlets. Through this month to date, cargoes via the Baltic port of Ust-Luga are up by roughly one-third versus August, adding roughly 160,000 barrels a day.
Despite production slipping, Russia's export revenues reached $2.42 billion last week and a $1.9 billion weekly average over the four weeks to Sept. 13, with Asia remaining the main draw.