Russian Crude Exports Rise to Highest Since Early 2022 but Revenues Fall

Nearly 135 million barrels of Russian crude oil sit stranded at sea after Ukrainian airstrikes targeted domestic refineries. Drone strikes, including recent hits on the Gazprom Neftekhim Salavat and Afipsky facilities, have eliminated roughly one-third of Russia's refining capacity. Domestic throughput has dropped to 3.91 million barrels per day, the lowest level since 2005.

Russia pumped 8.93 million barrels per day in June, about 830,000 barrels below its OPEC+ quota. The country diverted more crude to export markets, pushing seaborne shipments to an average 4.13 million barrels per day over the four weeks through June 28. That volume marks the highest four-week rate since early 2022.

Export logistics have deteriorated. Sokol and Sakhalin Blend cargoes face week-long delays at transfer points, while ESPO crude has accumulated near the Kozmino terminal. Russia's shadow fleet tankers have clustered near Egypt's Mediterranean coast and Indonesia's Riau Islands, with many vessels idling or masking destinations.

Revenues have declined despite higher volumes. Four-week crude export income fell about $200 million to $1.68 billion per week as Urals prices retreated. China and India took roughly 1.8 million barrels per day of identified purchases, Turkey imported 160,000 barrels per day, and Syria took 40,000 barrels per day, according to Bloomberg tanker data.

Another 1.9 million barrels per day carried unknown destinations. Lower global prices, wider Urals discounts, and delivery delays have compressed earnings even as physical exports rose.