Oil exports from Russia reached a 2-month low

Crude oil exports from Russia dropped to the lowest level since mid-April. The reasons were repair work in the key port of Kozmino on the Pacific Ocean and a decrease in supplies from the Baltic port of Primorsk.

According to data for the four weeks ended June 22, the average volume of sea shipments amounted to 3.19 million barrels per day, which is about 4% less than a week earlier. However, the decline may be temporary: shipments to Kozmino returned to normal by the end of the week, while the slowdown in exports from Primorsk is more difficult to explain.

The drop in volumes partially offset the sharp rise in prices – they jumped by about $7 per barrel on average over the week. The reason was the exchange of missile strikes between Israel and Iran, which ended with a US strike on nuclear facilities in Iran. However, oil prices dropped significantly this week when Iran, Israel and the United States reached a cease-fire agreement.