Russia ships record oil volumes but revenue falls to $1.9B per week in June

Russia is pumping oil out of its ports at the fastest pace since the war in Ukraine began, and somehow making less money doing it.

Seaborne crude exports hit 4.13 million barrels per day in the four weeks leading up to June 28, a wartime record according to Bloomberg tanker-tracking data. But the gross value of those shipments slid to roughly $1.9 billion per week, the lowest since March 2026.

More barrels, fewer dollars

Urals crude, Russia’s flagship export grade, dropped to between $45 and $59 per barrel in late June. That range effectively halved the value of Baltic cargo shipments compared to early May.

ESPO crude, Russia’s primary grade for Asian buyers, followed a similar trajectory downward.