Value of Russia’s Oil Exports Slumps to Lowest Since July 2023
Lower flows combine with $9 price drop to hit export earnings.
Russia shipped 3.13 million barrels a day in the four weeks to April 13 after a third straight drop.
Photographer: Ali Mohammadi/Bloomberg
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Russia’s oil earnings sank to their lowest since mid-2023, with exports sliding for a third week and prices plunging amid a US-China trade war.
Crude flows from all Russian ports in the four weeks to April 13 fell to 3.13 million barrels a day, their lowest since February and about 320,000 barrels a day below their recent peak. Using the same measure, the gross value of crude shipments dropped by about $80 million, or 6%, to $1.29 billion a week. That’s the lowest since the period ending July 16, 2023.