Russian oil exports increase despite sanctions

Russian oil exports rose for the second week in a row, with oil flows from all Russian ports rising to 3.26 million barrels per day.

Sanctioned tankers are back in business after a “month-long hiatus,” Bloomberg reported.

Nearly half of the tankers that were sanctioned in previous years are now transporting Russian oil again, with at least 18 of the 39 ships the U.S. has blacklisted for 2023 and 2024 regularly carrying barrels from Russian ports. Several other vessels have refocused on trade with Iran and Venezuela.

Oil flows from all Russian ports rose to 3.26 million barrels per day in the four weeks through April 27, up 1% from the previous week. Flows remain at about 190,000 barrels per day, or 6%, below their recent peak a month ago.

The increase in shipments from ports in the Baltic and Pacific regions was largely offset by a decline in flows from the Black Sea and the Arctic.

The administration of US President Donald Trump has so far refrained from imposing additional sanctions on Russia, and several tankers that were sanctioned under President Joe Biden have resumed carrying Russian oil.

Export prices for Russian Urals crude from the Baltic rose by about $0.9 per barrel, while prices for oil shipped in the Black Sea rose by about $0.8 per barrel. The price of the key Pacific grade ESPO rose by about $1.50. Prices for deliveries to India rose by about $0.4 per barrel, according to Argus Media.

USM previously reported that Greek shipowners are returning to the Russian oil market due to falling prices.