Russian Daily Crude Exports Surge to 4.13M Barrels, Highest Since 2022 as Oil Prices Fall

According to Jin10 and Bloomberg shipping data, as of June 28, Russian daily crude oil exports surged to 4.13 million barrels over a four-week period, marking the highest level since the 2022 conflict began, while oil prices fell sharply. Offshore Russian oil inventory levels have increased approximately one-third from the April mid-point low, with cargoes accumulating near Egypt and Singapore, suggesting Moscow faces growing difficulty placing all shipments. The surge coincides with ongoing Ukrainian strikes on Russian refineries, potentially forcing unprocessed crude to be diverted to exports.
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