Shipments of crude oil from the Russian port of “Novorossiysk” on the Black Sea saw a significant reduction last week. Over the seven days leading up to May 10, only one tanker carrying oil departed from the port, resulting in a decline in the average four-week export figures.
This is reported by Finway
Decrease in export volumes and revenues for Russia
The average daily export of crude oil from Russia for the week leading up to May 10 was 3.64 million barrels, while for the 28 days leading up to May 3, this figure was at 3.68 million barrels. This drop marked the first since March, negatively impacting the country’s revenues. According to agency estimates, the combination of declining flows and rising discounts on Russian oil has significantly reduced revenues for Russia after a recent four-year high.
“The reduction in oil flows combined with the increase in discounts on flagship Russian oil has cut Russia’s revenues in the past week following a four-year high in the previous period.”
The port of “Novorossiysk” is the largest Black Sea hub for exporting energy resources from Russia. In the first quarter of 2026, it was unloading an average of about 540,000 barrels of crude oil daily.
Decline in export volumes and value
During the specified week, 29 tankers loaded 21.94 million barrels of Russian crude oil, down from 26.88 million barrels on 34 vessels the previous week. On average, daily shipments fell to 3.13 million barrels, while the week before they were at 3.84 million barrels.
The value of Russian exports is also showing a downward trend. Over the past four weeks, the gross value of exports fell to $2.34 billion per week, compared to $2.43 billion in the previous period. The average weekly total for the seven days leading up to May 10 was $1.98 billion, which is $640 million less than the week before.
Prices for Russian Urals oil during this period also decreased: in the Baltic region to $90.67 per barrel, and in the Black Sea region to $88.93 per barrel, indicating a decrease of approximately $5.60 per barrel.