According to Bloomberg's estimates, over the past week, Russia has increased its maritime oil export volumes. However, the increase in exports is accompanied by a decline in global oil prices amid peace negotiations between the U.S. and Iran.
Russia has managed to increase its maritime oil exports to the highest level since early 2026, despite the lifting of U.S. sanctions against Iran, which has intensified competition between Moscow and Tehran for the Indian market. This was reported on Tuesday, June 23, by Bloomberg.
In the week from June 15 to June 21, 38 tankers loaded 28.79 million barrels of Russian oil, or 4.11 million per day. According to Bloomberg's estimates, this is the highest weekly figure since early 2026. Oil export volumes from Russia have already surpassed the annual averages for all years since the beginning of the full-scale invasion of Ukraine, the agency writes. Russian oil is also already en route, rather than idling at sea.
As Bloomberg reminds, the increase in oil supplies from Russia became possible after the temporary lifting of U.S. sanctions on Russian oil at sea. Washington took this step to mitigate the impact of the fuel crisis caused by the blockade of the Strait of Hormuz due to the war with Iran. The temporary lifting of sanctions on Russian oil is in effect until June 17, and no further extension has been announced.
Russia Increases Exports Amid Declining Oil Revenue
Record volumes of Russian oil exports are accompanied by a decline in revenues. The return of Iranian oil to the market following the signing of a memorandum of understanding between the U.S. and Iran, which opened the Strait of Hormuz and lifted the blockade on the ports of the Islamic Republic, has led to a drop in global oil prices by approximately 16%.
According to Argus Media, the prices of Russian oil grades (primarily Urals and ESPO) have decreased by 20% over the past week. Bloomberg also points to an increase in attacks by the Ukrainian Armed Forces on Russian oil refineries, which may force Russia to export crude oil instead of refining it domestically. Such a move would lead to an even greater drop in the price of Russian raw materials.
Supplies of oil from Iran may also replace the Russian Urals grade on the Indian market - and therefore, to retain local buyers, Russia will be forced to increase export discounts, Bloomberg writes.
