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Small Gain in Russian Oil Sales Can't Reverse Grinding Downtrend

Combined flows to China, India, Turkey hit lowest since October

Sanctions are crimping Russia’s crude flows — Sanctions are crimping Russia’s crude flows
Photographer: Andrey Rudakov/Bloomberg

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January 9, 2023, 4:07 PM UTC

Russia's oil exports made a small gain last week, but not by enough to prevent what appears for now to be a downtrend in the nation's shipments to a diminished group of buyers.

Aggregate flows of Russian crude rose by 197,000 barrels a day, or 8%, in the seven days to Jan. 6. Pacific shipments were up by 200,000 barrels a day from the previous week, while those from the Arctic gained by 143,000 barrels a day, more than offsetting a decline in volumes leaving the Black Sea.