Russia received $2.76 billion from seaborne crude exports in the week to October 25. This is the highest weekly value since the start of the full-scale war against Ukraine, Bloomberg reports.
Revenues increased by about $430 million from the previous week. The increase was recorded despite the lower price of Russian Urals oil, as exported volumes increased sharply. In parallel, the value of ESPO oil is growing for the eighth consecutive week.
More oil on board tankers
A total of 26.93 million barrels of Russian crude oil were loaded by 37 tankers during the period under review. A week earlier, until October 18, 31 tankers transported 21.87 million barrels.
In just one week, the loaded quantities increased by more than 5 million barrels. The data was calculated by tracking ship movements and industry reports.
China and India remain the main buyers
China and India continue to be the largest buyers of Russian crude oil, with a significant lead over other destinations. However, the final destination of some of the cargoes cannot be immediately determined, as the information is only clarified after the tankers have covered a significant part of their route.
That is why the data for some of the latest shipments indicate intermediate points, including Suez, Port Sudan and Singapore, rather than the final recipient of the cargo. This means that the distribution by country may change as the ships continue their voyage.
The record weekly value shows that the higher volume of seaborne exports has compensated for the lower price of Urals. The figures refer to the gross value of exported crude oil and do not represent an estimate of net revenues after costs, discounts and sanctions restrictions.
Sources: ukrinform.ua