Russia earns record revenues from oil exports
Revenue from Russian oil exports has climbed to its highest level since the start of the war in Ukraine, driven by higher shipment volumes and rising crude prices amid tensions involving the United States, Israel, and Iran.
In the week ending May 3, average payments for Russian oil deliveries reached $2.42 billion per week, News.Az reports, citing Bloomberg.
Bloomberg reported that against the backdrop of disruptions around the Strait of Hormuz, Washington opened several markets to Russian crude by easing sanctions restrictions.
Ukrainian drone strikes on export terminals in Primorsk and Ust Luga on the Baltic Sea, as well as Novorossiysk on the Black Sea, significantly disrupted loading operations. However, repair work allowed shipments to resume, the report said.
Increased overall exports from Murmansk also partially offset lower shipment volumes from Primorsk, Ust Luga, and Novorossiysk.
Russian oil exports from seaports over the four weeks to May 3 rose to 3.66 million barrels per day, the highest level since December 2025. The increase amounted to nearly 500,000 barrels per day compared with mid April levels.
Exports of Russian crude to India averaged around 1.5 million barrels per day in April. Although below the March peak, the figure was still roughly 50 percent higher than in February.
Moscow also supplied oil to the Philippines and Japan. Tokyo received its fourth cargo since sharply reducing imports at the beginning of 2022.
The volume of Russian oil aboard tankers increased to around 115 million barrels by May 3, compared with roughly 100 million barrels three weeks earlier. Most shipments are reportedly in transit rather than sitting idle aboard stalled vessels.
Prices for Russian crude remain elevated, with Urals trading at around $94 to $96 per barrel and ESPO at approximately $92 per barrel. Total weekly export revenue also rose to $2.57 billion.
By Faig Mahmudov
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