Bloomberg: Russian Oil Export Revenues Fall To A Two-year Low

The value of Russian crude oil exports by sea has been trending downward for more than 13 months.

Russia's revenues from crude oil exports fell to a two-year low - after a new drop in crude oil prices, Bloomberg reported on May 28.

According to tracking data on tankers carrying Russian oil collected by the publication, in the four weeks to May 25, the average volume of shipments was 3.39 million bpd (10,000 bpd less than in the period to May 18). However, the total value of those cargoes was the lowest since April 2023, Bloomberg writes.

Russian oil export revenues fell $20 million, or 1 percent, to $1.26 billion in the week ended May 25, the publication noted.

In addition, Bloomberg writes that the value of Russian crude oil exports by sea has been trending downward for more than 13 months.

Since export earnings reached about $1.95 billion a week during the 28-day period through April 21, 2024, the price of Russian crude has fallen 28 percent and shipments are down about 8 percent, the publication noted.

"It's not clear whether sanctions (against Russia - ed.) have played a significant role in any of these trends. Nevertheless, the G-7 countries are considering lowering the price cap, above which Russian oil exports cannot use Western vessels or services, from the current level of $60 to $50 a barrel," Bloomberg reported.

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