Russia Boosts Oil Flows as War Sends Prices Soaring
Russia's crude shipments have jumped by the most since May last week, driven by higher exports from key ports and boosted by soaring oil prices after drone strikes shut down Saudi Arabia's East-West pipeline. The attack has sent Brent crude to its highest level since May, and pulled up Russian grades.
The increase in flows comes as Moscow has diverted some of the crude that can't be processed domestically into the export stream, but not enough to allow it to maintain production levels. Output fell to 8.72 million barrels a day last month, dropping for a ninth straight month, according to secondary source estimates published by the Organization of the Petroleum Exporting Countries.
Russia's seaborne crude exports rose to 3.54 million barrels a day in the four weeks through Sept. 13, with China and India remaining the largest buyers of Russian crude. The value of weekly exports reached $2.42 billion, the highest since May 24, driven by higher shipments and soaring prices.