Russian Oil Weekly Revenue Hits 2022 High via Volume and Price Surge

Russian oil exports generated $2.75 billion during the final week of September, the highest weekly revenue recorded since the start of 2022. Data from Bloomberg indicates the surge resulted from a combination of increased physical volumes and a rise in global crude prices.

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Oil pipeline in the steppe

Average daily exports rose to 3.71 million barrels over the four-week period ending September 27. This increase in deliverable supply coincided with heightened geopolitical tensions in the Middle East, which added a risk premium to Brent and other benchmark prices, raising the value of each exported barrel.

The revenue spike suggests that physical demand for Russian crude remains resilient despite price caps and sanctions. The ability to move higher volumes into Asian markets allows the state to maintain currency inflows and budget funding, even while selling certain grades at a discount to benchmarks.

The sustainability of these margins depends on the physical production quotas set by OPEC+ and the persistence of the geopolitical premium in current pricing.