Falling Russian Oil Prices Drive Exports’ Value to Two-Year Low
Moscow’s crude export prices slipped for a seventh straight week
Russia shipped 3.39 million barrels a day in the four weeks to May 25, with exports worth the least in more than two years.
Photographer: Marcelo del Pozo/BloombergThe value of Russia’s crude shipments hit a two-year low in the four weeks to May 25 even as Moscow shrugged off a threat that the G-7 group of nations may tighten the price cap on the country’s exports.
Flows averaged 3.39 million barrels a day in the four weeks to May 25, tanker-tracking data compiled by Bloomberg show. That was down by just 10,000 barrels a day on the period to May 18. But the gross value of those cargoes was the lowest since April 2023.