Russia exports less oil at lower prices – Commerzbank

The price of Russian ESPO crude fell below $60 per barrel for the first time at the beginning of the week, while the price of Urals fell towards $50 per barrel, the lowest price level since March 2023, according to Reuters, Commerzbank's commodity analyst Carsten Fritsch notes.

Weekly oil shipments remain at the previous week's level

"This means that the regular transport of Russian oil is possible again without violating international sanctions. At the same time, however, the lower price level also reduces export revenues for the Russian state. The drop in oil prices triggered by US President Trump's tariff policy is therefore hitting Russia at a sensitive point."

"Russia has also recently exported less crude oil. According to data from Bloomberg, seaborne exports fell to an average of 3.23 million barrels per day in the four weeks to 6 April, the lowest level since the beginning of March, as a higher weekly figure dropped out of the comparative period."

"Weekly oil shipments, on the other hand, remained at the previous week's level, as lower exports via the Baltic Sea ports were offset by higher exports via the Pacific ports."