Russia's Oil Exports Soar as Middle East Conflict Drives Up Prices

Russia's crude oil exports have surged to their highest level in months as Middle East conflicts drive up global prices. According to tanker-movement data compiled by Bloomberg, Russia shipped out 3.54 million barrels a day in the four weeks through September 13.

The increase came as drone strikes shut down Saudi Arabia's East-West pipeline, pushing Brent crude to its highest level since May and lifting prices for Russian grades. As a result, Moscow is benefiting from higher oil prices due to the disruption in the Middle East.

Russia has increased shipments from the Baltic port of Ust-Luga while diverting Kazakh cargoes to the Black Sea port of Novorossiysk. This shift allowed Russian crude flows from Ust-Luga to rise by about one-third, or 160,000 barrels a day, in September compared with August.

Higher international prices pushed the gross value of Russia's exports to $2.42 billion in the latest week, the highest weekly level since May 24. On a four-week average, export value reached $1.9 billion a week, up $180 million from the previous period and the highest since late June.