Russia Seaborne Oil Revenue Hits War Record at $2.76 Billion

The value of Russian seaborne oil exports reached $2.76 billion in the week ending October 25, a record high for the period since the start of the full-scale invasion. This figure represents a jump of approximately $430 million from the previous week, according to Bloomberg data.

The revenue surge occurred despite lower prices for Urals crude. Vessel tracking data shows that 37 tankers loaded 26.93 million barrels of Russian crude during the week. This volume increase offset the price decline in Urals and coincided with a rise in the price of the ESPO grade.

In the week prior, 31 tankers loaded 21.87 million barrels. China and India remain the largest buyers of Russian crude. However, final destinations are often unknown until vessels travel a substantial part of their route. As a result, many recent shipments list only intermediate destinations in their records.

Russian oil exports fell to 3.55 million barrels per day in the four weeks ending October 25. This level is 30,000 barrels per day below the figure for the period ending October 18 and marks the lowest volume in five weeks. The drop occurred despite the rapid resumption of operations at Russia's main Baltic port following an earlier shutdown.

Russia's energy revenues fell by 17% this year, even though oil prices reached their highest level in more than a decade. The country increased diesel production in October after the government granted producers export quotas under a supply agreement between the Kremlin and the United States. Russia subsequently began resuming diesel supplies to Türkiye and Brazil.