-- Russia's oil export value climbed to about $2.1 billion per week, the highest since June 2022, driven by higher prices and recovering shipment volumes, according to a Bloomberg analysis on Wednesday.
Global crude benchmarks surged amid Middle East tensions and restricted flows through the Strait of Hormuz, boosting demand for Russian barrels as refiners sought alternative supplies, the analysis said.
The disruption stranded over 12 million barrels per day of Middle Eastern exports, speeding up the release of Russian oil from floating storage as cargoes were redirected to buyers, according to the analysis.
Despite stronger prices, Moscow's revenue gains were partly limited by Ukrainian drone strikes that damaged key export infrastructure, including the Baltic port of Ust-Luga, the analysis said.
Loadings from Ust-Luga remained halted after repeated attacks, while shipments from Primorsk recovered, helping offset some losses in Russia's overall export flows.
Russia's weekly crude shipments regained only a fraction of earlier declines, holding under 3 million b/d for a second straight week to April 5, while the four-week average inched up 20,000 b/d to 3.35 million barrels, the analysis said.
At the same time, previously stranded cargoes were delivered, sharply reducing floating storage by about 26 million barrels over two weeks to April 5, with volumes dropping to 105 million barrels from around 140 million in mid-January.
India lifted Russian crude imports to 1.9 million b/d last month, while China-bound shipments eased to around 1.9 million b/d from 2.1 million b/d in February, the analysis said.
A total of 28 tankers loaded about 20.88 million barrels of Russian crude in the week to April 5, up from 16.62 million barrels on 22 vessels the previous week.
Daily shipments averaged 2.98 million b/d, rising by about 610,000 barrels, driven by a rebound at Primorsk and Kozmino, while Ust-Luga remained offline; flows were also influenced by weather, sanctions, and included two Kebco cargoes.
Urals crude export prices climbed about $12.50 to $85.73/bbl in the Baltic and rose similarly to $84.07/bbl in the Black Sea, while ESPO crude gained $7.90 to $79.00/bbl, averaging $92.11/bbl.
Delivered prices into India also increased by $16.10 to $113.76/bbl, the analysis said, citing pricing data from Argus Media.
Weekly export revenues averaged about $2.1 billion in the seven days to April 5, up $630 million, as Urals jumped $18.50 week-over-week to $106.05/bbl, a 13-year high, while ESPO rose $2.60, the analysis said.
Flows to Asian buyers, including undisclosed destinations, edged up to about 3.09 million b/d, even as shipments to China and India declined, with a rising share of cargoes still in transit without final destinations, according to the analysis.
Flows to China averaged about 1.07 million b/d in the four weeks to April 5, down from 1.2 million b/d previously, while India-bound shipments fell to 680,000 b/d from 750,000 b/d, the analysis said.
Unallocated cargoes rose to about 1.26 million b/d, including roughly 1.13 million b/d routed via Port Said, Suez, or without clear Pacific destinations, plus 130,000 b/d with no signals, the analysis said.
Shipments to Turkey increased to around 210,000 b/d from about 160,000 b/d in the prior week, reflecting shifting trade flows, according to the analysis.
Flows to Syria dropped to zero from about 130,000 b/d in mid-January, with cargo tracking limited as tankers often go dark near Crete before reaching Baniyas, according to the analysis.