Russia’s Crude Oil Revenues Take a Hit Even as Exports Swell
Lower export-duty rates cut earnings, despite higher shipments
Volumes up, revenues down
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Russia is earning less from its oil exports, even as seaborne crude shipments surge to a six-week high. That’s because of the big discounts that Moscow is having to offer Asian buyers to snap up barrels shunned by Europe, which translate into a drop in export duties.
Overall seaborne crude shipments jumped in the seven days to June 3, rising to their highest since late April. A total of 38 tankers loaded 27.6 million barrels from the country’s export terminals, vessel-tracking data and port agent reports show. That put average flows at 3.94 million barrels a day, up by 10% from 3.58 million in the week ended May 27.