Russia Oil Export Revenue Drops as Seaborne Shipments Fall

Russia’s seaborne crude exports fell to their lowest four-week average in a month after shipments from the Baltic port of Primorsk stopped for several days, according to tanker-tracking data compiled by Bloomberg and reported by OilPrice. Exports averaged 3.59 million barrels per day in the four weeks through October 18, down 110,000 barrels per day from the previous period.

Weekly shipments dropped 390,000 barrels per day to 3.13 million barrels per day, marking the lowest level since March. Just 31 tankers loaded 21.91 million barrels, down from 34 vessels carrying 24.63 million barrels the prior week. Primorsk appeared to suspend loading for about three days due to maintenance at the port or its supplying pipeline, before shipments resumed.

Production and Refining Impacts

Russia’s crude production has continued to trend lower. OPEC secondary-source estimates placed September output at 8.64 million barrels per day, representing the tenth consecutive monthly decline and the lowest level since mid-2020. Ukrainian drone attacks have also impacted domestic refining operations, including a strike on the Ryazan refinery that knocked out one of its four primary processing units.

Moscow has additionally restricted public disclosure of energy data following a September 28 decree covering refinery production, export contracts, shipping routes, and tanker coordinates. Commercial exports from Rosneft’s Vostok Arctic project also commenced in September, loading approximately 250,000 metric tons onto three ice-class tankers.

Revenue and Destination Trends

The drop in shipments reduced Russia's weekly seaborne crude export revenue by approximately $380 million to $2.33 billion, the lowest in six weeks. While China and India remain the primary destinations, shipments to Asian buyers declined to 3.43 million barrels per day on a four-week average basis from 3.54 million barrels per day.

Key facts

• Seaborne crude exports averaged 3.59 million barrels per day in the four weeks through October 18.
• Weekly shipments fell to 3.13 million barrels per day, the lowest since March.
• Primorsk port shipments stopped for about three days, affecting loading.
• Weekly seaborne crude export revenue dropped by approximately $380 million to $2.33 billion.
• OPEC September output estimates stood at 8.64 million barrels per day.