Russia’s crude oil exports have fallen to the lower level from mid -April, as maintenance work interrupted the loads of a basic Pacific port, and the Baltic flows were reduced.

Russian crude oil exports stood at average of 3.19 million barrels a day in the four weeks completed on June 22, a 4% reduction from the previous four weeks until June 15. The daily export on a weekly 220 -week basis.

This reduction in loads may be temporary. The loads at the Kozmino port returned to normal by the end of the week, after a three -day interruption due to maintenance. However, the slowdown in missions from the port of Primorsk of the Baltic remains inexplicable, with no indications of corresponding work there.

The decline in flows has largely reduced the impact of the significant increase in average prices of the last four weeks – the largest since August 2023 – so the gross value of Russian exports eventually increased by only 2%. Average export prices increased by almost $ 7 per barrel last week, due to the exchange of missile attacks between Israel and Iran, culminating in US blows to Iran’s nuclear facilities. However, global oil prices fell sharply in the week following a ceasefire agreement between Iran, Israel and the United States.

Exports appear to be reduced by the increase in domestic refinement, as Russian refineries complete their seasonal maintenance. The refinement rates amounted to 5.42 million barrels a day in the first 18 days of June, and if maintained they will be the highest level for the year.

Shipments of crude oil

A total of 28 tankers loaded 20.89 million barrels of Russian crude per week until June 22, according to ship monitoring data and reports from port authorities. The volume was reduced by 22.42 million barrels on 30 ships last week.

Flows for the period until June 22 were average to 3.19 million barrels a day, reduced by 120,000 barrels compared to the period until June 15. On a weekly basis, there was about 220,000 barrels dropped, with the daily average of 2.98 million barrels.

The reduction of flows is due to the lower missions from the Port Port of the Baltic and the Kozmino exit to the Pacific, where the loads were interrupted for three days due to maintenance. These reductions were partially offset by the increase in flows from the Arctic Port Murmansk.

There was a mission of crude oil from Kazakhstan, Kebco, from the port of Novorossiysk to the Black Sea and one from the Ust-Luga in Baltic.

Export value

The gross value of Russia’s exports increased by about $ 40 million or $ 3%to $ 1.38 billion per week until June 22. Falling flows limited the effect of price rise.

Average export prices of Russian crude reached the highest level of five months due to Israeli-Jran conflict. Slow Urals from the Baltic and Black Sea increased by about $ 6.70-6.80 to $ 65 a barrel, while the Pacific ESPo increased by $ 6.20 to $ 69.32. India delivery prices rose by $ 6.50 to $ 74.95 per barrel, according to Argus Media.

For four weeks, Russian crude export prices have risen for the fourth consecutive time, with URALS and ESPO loads boosting by $ 3.10 to $ 3.30 a barrel. As a result, the average weekly value of exports increased by 2%, reaching $ 1.31 billion.

The flows by destination

The observed missions to Russian Asian customers, including loads without a declared destination, decreased to 2.77 million barrels a day to 28 days until June 22, from 2.86 million to four weeks to June 15.

The numbers include about 440,000 barrels a day from western ports to Port Side or the Suez Canal, or from the Pacific ports without a defined delivery point, as well as 30,000 barrels a day from tanker that have not yet declared a destination.

Flows to Turkey in four weeks until June 22 were on average to 370,000 barrels a day, falling from the highest level of almost five months. This caused a similar reduction of about 20,000 barrels a day on total missions to the Eastern Mediterranean, where Moscow still supplies oil to Syria.