Russia’s Tumbling Crude Flows Drag Export Values to Two-Year Low

The value of Russia’s crude shipments fell again in the four weeks to June 1 as a sharp decline in exports offset the first increase in the price of Moscow’s key export grades in almost two months.

Flows averaged 3.24 million barrels a day in the four weeks to June 1, tanker-tracking data compiled by Bloomberg show. That was down by 170,000 barrels a day from the period to May 25. The lower exports easily countered a small increase in prices during the period covered.

The slump in flows and corresponding drop in export values comes as Moscow argued against a third big increase in output targets when ...