Russian oil exports hit their highest level since May: details and implications
2 July 2024 17:08
Russian oil exports by sea have reached their highest level since May 2024. In the week to 30 June, exports increased by 620,000 barrels per day, reaching 3.67 million barrels per day. This is stated in the material of Bloomberg, reports "Komersant Ukrainian"
Operations at the Primorsk terminals on the Baltic Sea and Kozmino on the Pacific coast, which are the two most important ports for Russian oil exports, have fully resumed. The gross value of oil exports from Russia increased by 25% in the week to 30 June, reaching $1.92 billion. This was due to both an increase in export volumes and the third consecutive weekly rise in oil prices.
Deliveries to Russia’s Asian customers, including those without a final destination, rose to a seven-week high of 3.04 million barrels per day. At the same time, most of the vessels targeted by Western sanctions and used by Moscow to transport oil have remained inactive since the sanctions were imposed.
Russian oil exports to European countries by sea have ceased, and pipeline deliveries to Poland and Germany stopped in early 2023. Turkey remains the only short-term market for supplies from Russia’s western ports, with flows of around 440,000 barrels per day.
Russia stopped setting export targets at the end of May, instead limiting production in line with the OPEC agreement. The production target is set at 8.978 million barrels per day by the end of September.
Experts note that despite the sanctions and restrictions, Russia continues to find ways to export its oil, especially to Asian markets. This calls into question the effectiveness of Western sanctions and could have a significant impact on the global oil market.
As 
wrote, the US deliberately imposes lenient sanctions to keep petrol prices low. This leads, among other things, to India accepting tankers with Russian oil again.
