Russia’s crude exports climb to 3.54 million barrels per day amid oil spike

  • Russia raised its four-week average crude exports to 3.54 million barrels per day.
  • 27.06 million barrels moved through 38 tankers in the week ending September 13.
  • Saudi pipeline attacks on September 10-11 preceded the Russian export increase.

Russia’s four-week average of seaborne crude exports rose to 3.54 million barrels per day through September 13, recording its largest weekly increase since mid-May as Brent crude surged above $100 per barrel. The move followed drone strikes on Saudi Arabia’s East-West Crude Oil Pipeline on September 10-11, which temporarily halted a route normally carrying 4 million to 5 million barrels per day. The attacks, attributed to Iran-aligned militias, lifted Brent to roughly $108-$109 and created a potential supply disruption equivalent to about 4% of global oil demand. Russian crude loadings reached 27.06 million barrels across 38 tankers in the week ending September 13, while weekly export revenue rose by approximately $180 million to around $1.9 billion, the highest since late June. Damage from Ukrainian drone strikes has reduced Russia’s domestic refining capacity, leaving more crude available for export. China and India have continued buying Russian oil during the sanctions era, and tighter Saudi supply has increased the appeal of Russian barrels to refiners in Gujarat and Shandong.

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