Russia’s Crude Flows Surge to the Highest in More Than Two Years

Russia’s seaborne crude shipments rose to a 28-month high in the past four weeks, amid rising production and Ukrainian attacks on refineries that are forcing the diversion of supplies to export terminals.

Four-week average shipments from the country’s ports were 3.74 million barrels a day to Oct. 12, according to vessel-tracking data compiled by Bloomberg, the highest since June 2023. The average provides a clearer picture of underlying trends than more volatile weekly figures.

Moscow has been slowly boosting its crude production in line with a rising target under a months-long drive by the OPEC+ producer group to return supplies to the market. Since March, before the move began, ...