Russia pushed crude shipments to a four‑week average of 3.89 million barrels per day through June 21, the highest level this year. The rise follows Ukraine’s attacks on Russian refineries, which forced more unprocessed oil into export streams. Meanwhile, a U.S. sanctions waiver for Iran oil lifted until Aug. 21 has re‑opened the Strait of Hormuz, flooding the market with competing supply.

The surge lifted total weekly loads to 28.79 million barrels on 38 tankers, up from 27.29 million the week before. Yet the gross value of exports fell to $1.72 billion a week, as Urals and ESPO prices slipped $7‑$8 per barrel amid falling global benchmarks. Indian refiners, who previously bought Russian grades when Hormuz was closed, now face cheaper Iranian cargoes, prompting Moscow to consider deeper discounts.

Higher volumes have not translated into higher earnings; year‑to‑date flows of 3.52 million barrels per day already exceed pre‑war averages. With global crude prices down about 16% since early June, Russia’s oil windfall is eroding. The next export report, due June 30, will show whether Moscow can sustain the pace without further price concessions.