Russia’s Faltering Oil Flows Crimp Gains From Rally in Prices

Russia failed to reap the full rewards of the recent rally in oil prices, or the increase in its own OPEC+ output target, as exports slid to a seven-week low.

Seaborne crude shipments averaged 3.31 million barrels a day in the four weeks to June 15, a drop of 1% from the period to June 8. The more volatile weekly figure fell by about 440,000 barrels a day from the previous week’s three-month high.

Lower flows largely offset higher oil prices to leave the gross value of Moscow’s exports up by just 1% in latest four-week period. On a weekly basis, their value ...