Russia’s Sea Oil Exports Hit a 2022-High Pace as Markets Watch the Flow
By mid May, the volume of Russian oil shipped by sea reached its peak since the start of 2022. In the most recent four weeks, the average stood at 3.76 million barrels per day, according to ship-tracking data cited by Bloomberg. The jump marks a notable shift in the supply pattern as traders monitor how the market absorbs Russian crude amid evolving routes and sanctions regimes.
Between March and mid May, processing at Russian refineries in the domestic market declined by about 300 thousand barrels per day. Yet the current level remains roughly 430 thousand barrels per day higher than the same period last year. Analysts point to changes in logistics and supply chains that continue to influence how oil moves on the sea routes from Russia, particularly in light of the ongoing global market adjustments.
On a four-week average basis, offshore exports rose by 80 thousand barrels per day to 3.72 million barrels per day as of May 12, reaching the highest level since early 2022. The weekly figure, which is more volatile, rose by nearly 120 thousand barrels per day from the prior week to 3.76 million barrels per day. Recent shipments also include cargoes moved into waters between the Canary Islands and the Azores, reflecting shifts in routing that traders are closely watching.
By May 15, statistics published by the Russian Ministry of Finance indicated a fall in the currency price of a barrel of Urals crude to 55.97 dollars. For context, the April average had stood at 58.63 dollars, a level not seen since the start of the year. Market observers note that the price trajectory in the weeks ahead will likely respond to changing export volumes, freight rates, and evolving demand in key consuming regions.