Russian seaborne oil exports soared to a three-month high in the week up to October 1, Bloomberg reported on Tuesday, citing tanker-tracking data.
According to the report, the country shipped roughly 3.72 million barrels per day (bpd) of crude last week, a 24% weekly increase and the highest level since the week ending July 2. The surge lifted Russia’s four-week shipment average to about 3.3 million bpd, up from 3.2 million bpd in the period to September 24.
The shipments average is currently in line with Moscow’s plans to cut oil exports by 300,000 bpd against the May/June baseline until the end of the year. According to Bloomberg’s calculations, shipments should be running at around 3.28 million bpd.
The increase in exports reportedly came as maintenance work that curtailed flows from two key ports over the previous weeks ended. It had affected shipments from Kozmino on the Pacific coast and Primorsk on the Baltic Sea.
Russian revenues from crude export duties rose along with increased shipments last week, jumping to $77 million, the highest this year. The country’s four-week average income also surged, to $68 million, the highest since mid-January.
Russian Deputy Prime Minister Alexander Novak on Wednesday reiterated that Russia would stick to its 300,000 bpd cut in crude exports in October and most likely until the end of 2023.
“The voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” Novak told reporters, noting that authorities will assess the market situation again in November in order to decide whether the cuts should be extended.
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