At the same time, the growth in exports has been accompanied by a decline in revenue. According to the agency, average weekly export revenue fell to $1.88 billion. This is the first time since April that this figure has fallen below the $2 billion mark. The reason is the decline in global oil prices.
In June, export volumes exceeded actual deliveries to buyers by approximately 500,000 barrels per day. As a result, some Russian oil remains at sea, and its stockpiles on tankers have risen again. Shipments are accumulating, in particular, off the coast of Egypt and in the Riau Archipelago near Singapore.
Over the past month, the prices of major Russian crude grades have also fallen. As Bloomberg notes, the price of Baltic Urals fell to $59.83 per barrel, Black Sea Urals to $59.35, and Far Eastern ESPO to $72.82.
According to Bloomberg, the price decline is linked to the resumption of shipments through the Strait of Hormuz following a temporary agreement between the U.S. and Iran. Despite a reduction in shipments to India, total Russian oil exports to Asia reached a new high of 4.05 million barrels per day.
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