Exports from the country’s major ports surged to 3.95 million barrels a day in the week to April 14, data is showing

Maritime exports of Russian crude almost climbed to a year-on-year high in the second week of April, Bloomberg reported on Tuesday, adding that flows from the country’s major ports were near peak levels.

Russia’s seaborne crude exports in the week to April 14 surged by 560,000 barrels per day (bpd) to 3.95 million bpd, reaching the highest volume since May 2023, the outlet said, citing ship-tracking data.

The less volatile four-week average also rose sharply, climbing by about 250,000 bpd to 3.66 million bpd, the highest since early June 2023.

Weekly average shipments stood at about 365,000 bpd and were reportedly about 490,000 bpd above Russia’s April target, which is part of the OPEC+ alliance’s broader effort to cut output and supplies in a bid to balance oil prices.

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Russia has pledged to cut oil exports by 500,000 bpd below the May-June average during the first quarter of the current year, after several other members of the group agreed to curb further output. The reduction is expected to be shared between Russian crude shipments, which will be cut by 300,000 barrels per day, and refined products.

Flows from the country’s main export terminals gained significantly and were close to historical highs, the outlet said. According to vessel-tracking data, the country’s largest oil-loading Primorsk port in the Gulf of Finland handled ten tankers in three of the past four weeks.

Bloomberg suggested that the trend possibly reflected a diversion to exports of oil that would have been processed at Russian refineries that have recently suffered multiple attacks by Ukrainian drones. Since the start of 2022, the port hasn’t handled more than 11 tankers in a week, data shows.

The jump in exports has been combined with higher prices on Russia’s flagship Urals oil blend. In monetary terms, Russia’s crude exports reportedly jumped to $2.15 billion in the seven days to April 14 versus $1.82 billion previously. At the same time, four-week average income rose by about $170 million to $1.92 billion a week.