Russian seaborne crude exports averaged 4.13 million bpd in the four weeks to
June 28, the highest since the 2022 conflict, Bloomberg tanker data show. The
surge has raised seaborne inventories roughly one‑third above the mid‑April low,
with cargoes stacking near Egypt and Singapore, suggesting Moscow is
increasingly struggling to place barrels. Exports have climbed as Ukrainian
strikes on Russian refineries continue, which could redirect crude that cannot
be domestically processed into export flows. Global oil prices have fallen
sharply amid the added near‑term supply pressure.
