Russia’s Oil Export Revenue Slides as Production Declines

Russia's oil export revenue has declined as production decreases, according to tanker-tracking data. Seaborne crude exports averaged 3.59 million barrels per day over the four weeks ending October 18, a drop of 110,000 barrels per day from the previous period. Weekly shipments fell by 390,000 barrels to 3.13 million barrels, the lowest level since March.

The suspension of loading at the Baltic port of Primorsk, where just 31 tankers loaded 21.91 million barrels compared to 34 vessels carrying 24.63 million barrels the previous week, may be due to maintenance at the port or its pipeline. Russia's crude production has also been declining, reaching 8.64 million barrels per day in September, its lowest since mid-2020 and the tenth consecutive monthly decline.

Ukrainian drone attacks and refinery strikes have further disrupted Russian refining operations. Moscow has also made it more difficult for outsiders to access energy data. Declining shipments have reduced export revenue, falling by about $380 million to $2.33 billion over the past six weeks. China and India remain Russia's largest customers, but Asian shipments have declined to 3.43 million barrels per day, down from 3.54 million barrels per day.