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Russia’s crude shipments rose in the four weeks to June 8 after a strong rebound in weekly flows. A Japanese refiner took the first cargo delivered to the G-7 nation in more than two years, underlining a growing ease among buyers in resuming dealings with Moscow.
Flows averaged 3.36 million barrels a day in the period, tanker-tracking data compiled by Bloomberg show. That was a gain of 40,000 barrels a day from the 28 days to June 1, when flows fell to a five-week low. Shipments surged sharply on a week-to-week basis, driven by sizeable gains from the Baltic and Arctic ports.
In a separate development, Japanese oil refiner Taiyo Oil Co. took delivery of a cargo of Russian crude on a tanker that is blacklisted by both the US Treasury and the European Union. The Voyager left Sakhalin Island in late-May, hauling a cargo of about 600,000 barrels of Sakhalin Blend crude.
Japan has a waiver to buy the oil and its government was told by the US administration that it could use sanctioned ships for the delivery. The EU doesn’t have secondary sanctions affecting countries outside the bloc, an official from Japan’s Ministry of Economy Trade and Industry said, meaning that Japan can use such tankers without repercussions. The shipment comes as a US Senate plan to force a ceasefire in Ukraine with “bone-crushing” curbs against Moscow stalled.
The export gains were bolstered by the second straight increase in average prices to boost the value of Russia’s seaborne crude exports to the highest in a month on a four-week average basis.
Crude shipments
A total of 34 tankers loaded 25.52 million barrels of Russian crude in the week to June 8, vessel-tracking data and port-agent reports show. The volume was up from a revised 20.51 million barrels on 27 ships the previous week.
Crude flows in the period to June 8 stood at about 3.36 million barrels a day on a four-week average basis, up by 40,000 barrels a day from the revised figure for the period to June 1. Using more volatile weekly figures, they jumped by about 720,000 barrels, reaching the highest in more than three months.
The increase in flows was driven by higher shipments from the country’s ports in the Baltic and Arctic regions. There was one shipment of Kazakhstan’s KEBCO crude during the week, from the Black Sea port of Novorossiysk and one from the Baltic port of Ust-Luga.
Export value
The gross value of Moscow’s exports jumped by about $320 million, or 30%, to $1.42 billion in the week to June 8, the highest in almost three months. The increase in flows was boosted by higher average prices.
Export prices of Russian Urals crude from the Baltic rose by about $2.50 a barrel to average $53.80, while Black Sea cargoes were up by $2.70 at $54.30 a barrel. The price of key Pacific grade ESPO was up by about $2.60 to $58.9 a barrel. Delivered prices in India were also up by $2.60 at $64.70 a barrel, all according to numbers from Argus Media.
On a four-week average basis, the export price of Russia’s crude shipments rose for a second week, with Urals from both the Baltic and the Black Sea and Pacific ESPO all up by $1.30 a barrel.
Using this measure, the value of exports rose by 4% in the period to June 8 to about $1.27 billion a week.
Flows by Destination
Observed shipments to Russia’s Asian customers, including those showing no final destination, edged higher to 2.98 million barrels a day in the 28 days to June 8, up from 2.93 million barrels a day in the four weeks to June 1.
The figures include about 260,000 barrels a day on ships from Western ports showing their destination as Port Said or the Suez Canal, or those from Pacific ports with no clear delivery point and a further 80,000 barrels a day on tankers yet to signal a destination.
Flows to Turkey in the four weeks to June 8 averaged about 310,000 barrels a day, unchanged from the revised figure for the period to June 1.
More stories like this are available on bloomberg.com
Published on June 10, 2025
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