Russian oil exports hit year-to-date highs, but Moscow's oil revenues begin to fall - Bloomberg

Russian oil exports have reached their highest level since the beginning of the year, Bloomberg writes . According to the ship movement data examined for the week (from June 15 to June 21), 38 tankers loaded a total of 28.79 million barrels of Russian oil, or approximately 4.11 million barrels per day. The average volume of oil supplies over the past four weeks was 3.89 million barrels per day. Almost all of this oil is now transported, rather than sitting idle at sea.

Russian oil export volumes since the beginning of the year have exceeded the annual average for all years since the start of the full-scale invasion of Ukraine in February 2022.

Moscow was able to increase oil exports because, amid the closure of the Strait of Hormuz, the United States temporarily lifted sanctions on supplies from Russia, Bloomberg notes. The US Treasury has several times extended the general license to exclude Russian offshore oil from sanctions. The license last expired on June 17, and no renewal was announced.

However, Moscow's oil revenues have begun to decline: since the beginning of June, global crude oil prices have fallen by about 16%, and prices for key Russian oil exports have fallen by about 20%. According to Bloomberg, Russia may have to lower oil prices even further in order to retain buyers in India after Iranian oil enters the market.

On June 22, the US Treasury announced that it had issued a temporary license allowing the production, supply and sale of Iranian oil, petroleum products and petrochemical products. The license is valid until August 21.