Russian crude oil shipments fell by 25% in the seven day period till April 15, Bloomberg reported.
This comes as crude oil shipments to Asia from the ports on the Arctic, Baltic, and Black Sea coasts declined to its lowest levels in two months.
It was a total of 30 tankers loading around 21.8 million barrels from Russian export terminals, Bloomberg’s report said citing vessel-tracking and port agent reports. Accordingly, the average seaborne crude flows reached 3.12 million barrels per day (bbl/d), 25% lower than the week before.
The declining oil exports reflect in a lower revenue for Russia, considering the costs of war against Ukraine and the impact of sanctions. Data showing the current rates of crude oil export duty indicate the week’s shipments will have earned Russia an estimated $181 million, which is $60 million lower than profits the week before.