Russia's Weekly Oil Earnings Hit $2.42 Billion

Russia's seaborne crude earnings reached $2.42 billion in the week ending September 13. This figure marks the highest weekly value since the period ending May 24. The increase represents a jump of approximately $620 million compared to the previous week. These earnings levels are the strongest seen since the run to June 28. The rise in revenue aligns with a sharp increase in physical barrel movements.

Seaborne crude exports averaged 3.54 million barrels per day over the four weeks to September 13. This volume reflects the sharpest weekly increase since mid-May. The surge in shipments occurred as Brent crude prices climbed to their highest level since May. These price gains followed drone strikes that damaged Saudi Arabia's East-West pipeline. The disruption has tightened global supply and boosted the value of Russian grades.

Asian Buyers Drive Price Premiums

Russian crude delivered to India reached its highest price level since early May. Argus Media data confirms this peak in buyer payments. Chinese buyers are also paying higher premiums for Russian oil. The ESPO benchmark is quoted at a premium of over $20 per barrel to Brent futures. This price strength combines with higher volumes to push export values near four-month highs.

Gross export earnings averaged $1.9 billion per week in the four weeks ending September 13. This average is up by $180 million per week compared to the previous window. Refiners in China and India are absorbing these extra barrels. They are doing so while managing disruptions from other Middle Eastern supply routes. The market tightness supports sustained premium pricing for Russian cargoes.

Logistics Shift Toward Safer Ports

Russia is adjusting its export routes to utilize safer shipping lanes. Cargoes via the Baltic port of Ust-Luga have increased by roughly one-third since August. This shift adds approximately 160,000 barrels per day to the flow. To free up capacity at Ust-Luga, Moscow diverted Kazakh cargoes to Novorossiysk. All Kazakh crude this month has been routed through the Black Sea terminal.

Loadings at Novorossiysk have increased since operations resumed in late August. In the week to September 13, 38 tankers loaded 27.06 million barrels of Russian crude. This volume is higher than the 23.88 million barrels loaded by 33 ships the previous week. The total amount of Russian oil at sea has edged higher over the past two weeks. This trend reflects a rebound from a 16-week low recorded in late August.

Regional Demand Patterns Adjust

Asia remains the primary destination for Russian seaborne crude. Shipments to Asian buyers averaged 3.41 million barrels per day over the 28 days ending September 13. This is an increase from 3.35 million barrels per day in the prior period. Some voyages list interim stops in Suez or Port Sudan before their final destination. Flows to Turkey have decreased to about 50,000 barrels per day. This is down from roughly 80,000 barrels per day in the previous four-week window.

Shipments to Syria have dropped to zero since August. The country agreed to drastically reduce Russian oil imports during US sanctions negotiations. Conversely, shipments to Egypt have climbed to around 80,000 barrels per day. This is up from roughly 30,000 barrels per day in the span ending September 6. These shifts highlight the fluid nature of regional demand and diplomatic constraints. The data is sourced from GN auto markets/energy: crude oil prices.