Last week, Russia recorded its highest estimated revenues from seaborne oil exports since the start of the war with Ukraine.
The main driver of this demand is the armed conflict and the resulting blockade of the Strait of Hormuz in the Middle East. Due to supply problems, buyers are looking for additional sources of crude oil. This also applies to China which, although it has already secured reserves of the commodity, is also starting to increase purchases from the Russian Federation.
Russia’s record revenues from oil sales
Last week, Russia achieved record weekly revenues from seaborne oil exports since the beginning of the war. Oil companies there shipped about 3.99 million barrels of oil a day to foreign markets. Given the high prices, this significantly increased the value of Russian exports.
Bloomberg estimates that the total value of oil shipped from Russian ports last week was about $2.75 billion. That is about $180 million more than the previous week and the highest weekly figure since the beginning of the Russia-Ukraine war.
Russian oil is now much more expensive than in previous months. As noted earlier, this is influenced by the situation in the global oil market, and in particular, the war in the Middle East. The price of Brent crude remained above $100 a barrel in September.
At the end of September, the price of this benchmark exceeded $103 per barrel. Earlier, prices rose further amid concerns about disruptions in oil supplies from the Middle East.
Average revenues for the last four weeks
The Kremlin has decided to limit fuel exports to support the domestic market. The ban on diesel exports by Russian producers has been extended until Sept. 30, and restrictions on the export of gasoline and some diesel fuels by other exporters remain in place for an extended period.
The UA News portal points out that an exceptional situation has arisen as a result, stating: “Russia cannot export as many petroleum products as before, but it has a surplus of crude oil that it cannot fully process domestically. Consequently, the oil surplus is diverted to the foreign market.”
This situation increases the volume of maritime exports. Russia’s current revenues have significantly exceeded the previous week’s value. To avoid drawing conclusions based on just one week, the agency also calculated average revenue over four weeks. This indicator is less susceptible to sharp short-term fluctuations in prices and volumes.
Over the past four weeks, the estimated average value of Russian oil exported by sea has been around $2.39 billion per week. That is about $290 million more than in the previous four-week period and the most since the second half of May.
Russia may continue to earn significant revenue from crude oil sales. As long as the price of Brent crude remains above $100 a barrel and Russian crude enjoys demand among buyers in Asia, Moscow can generate additional revenue, even despite operational problems at its own refineries.
This situation may change as supplies from the Middle East gradually resume. Reuters reported that exports from Saudi Arabia and the United Arab Emirates increased in September, and reconstruction of some infrastructure began after the attacks. This could ease pressure on the global market and affect the price of Russian oil, even if oil prices are expected to remain elevated throughout 2026 and 2027.
