Russia’s Crude Shipments Climb Close to a Post-Invasion High

Russia's crude oil shipments have reached close to their highest level since the country's invasion of Ukraine, according to the latest data. The flows rose to a 29-month high in the four weeks leading up to October 19th, with a daily average of 3.8 million barrels exported. This increase in shipments comes despite the ongoing sanctions imposed by Western nations on Russia's energy sector. The rise in exports is mainly attributed to increased shipments to China and India, two major buyers of Russian oil. These countries have been taking advantage of discounted Russian crude, helping to offset the decline in sales to traditional European customers. The data also shows that Russia's overall crude and oil product exports have remained relatively stable, with only a slight dip in the past four weeks. The continued strength of Russia's energy exports underscores the challenges faced by Western nations in effectively curbing Moscow's ability to generate revenue from its natural resources, even as the war in Ukraine rages on.