Russia Boosts Oil Income to Highest Since Early in Ukraine War
Soaring prices, recovery in flows lift value of exports to most since June 2022
Russia shipped 3.35 million barrels a day of crude in the four weeks to April 5, with the value of oil exports hitting the highest since June 2022.
Russia is earning more from its oil exports than at any time since the early weeks of the Ukraine war, as soaring prices and an uptick in flows raise the value of shipments to the most since June 2022.
War in the Middle East has driven global oil prices to multiyear highs and bolstered demand for Moscow’s barrels after Tehran effectively closed the Strait of Hormuz to shipping. That has trapped more than 12 million barrels a day of Middle Eastern crude exports in the Persian Gulf, and helped to drain Russian volumes stored at sea as refiners scramble for alternative supplies.