“The fall of Russian oil in rubles: the cost of supplies from the Russian Federation is approaching a two-year minimumPrices for Russian oil have been falling for the fifth week in a row, bringing the cost of exports close to a two-year low.
Production has increased, but falling prices negate profits.”, — write: unn.ua
UNN reports with reference to Вloomberg, ЕnergyNews.
Details
Export prices for key grades of oil shipped from the Baltic, Black Sea and Pacific regions continued to decline. In general, prices for Russian oil have been falling for the fifth week in a row, as a result of which the value of the country’s supplies is approaching a two-year low.
Total supplies for the four weeks to May 11 were about $4.09 billion, the second lowest since April 2023. But it should also be noted that oil production increased by 3% – data for four weeks, as of May 11.
According to vessel tracking data and port agent reports, in the week to May 11, 32 tankers loaded 24.39 million barrels of Russian crude oil.
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In the seven days to May 11, oil flows were about 3.48 million barrels per day. Compared to the data announced last week, this is 140,000 barrels more.
The four-week average production rate also increased by 90,000 barrels to 3.42 million barrels per day.
The gross value of Moscow’s exports increased by about $30 million, or 2%, to $1.23 billion in the week to May 11, with increased flows offsetting the decline in average weekly prices, when Urals crude cost less than $50 a barrel for the second week.
AdditionMeanwhile, oil prices rose on Tuesday. This is explained by lower than expected inflation in the US. Growth slowed slightly more than analysts expected in April, to 2.3% year-on-year from 2.4% in March, despite customs duties.
Meanwhile, in the Russian Federation, Deputy Prime Minister Alexander Novak said that oil production in Russia could return to a stable level of 10.8 million barrels per day due to growing global demand.
However, a number of external experts are skeptical.
ReferenceAccording to an OPEC+ study conducted by S&P Global Commodity Insights, in March 2024, crude oil production in Russia was estimated at 8.97 million barrels per day, which is lower than the figure a year earlier at 9.42 million barrels per day. Taking into account condensate and liquid hydrocarbons (NGLs), total production in Russia in 2024 is estimated at 10.74 million barrels per day.
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