Russia Ships Record Amounts Of Oil Since 2022, Profits From Iran War

A French Navy personnel observes an oil tanker, subject to international sanctions and sailing from Russia, sailing in the Atlantic Ocean, in this handout obtained by Reuters on June 1, 2026. Marine Nationale/Handout via REUTERS

Russia is exporting the most crude oil since its 2022 invasion of Ukraine, and the value of its recent shipments has exceeded even the annual averages for each year since then, according to Bloomberg, as the war in Iran and closure of the Strait of Hormuz spiked oil prices and demand.

Bloomberg reported that the latest figures of flows on oil tankers signaling Chinese ports had risen slightly in May, and that there has been a surge in the volume of oil on tankers that have yet to show a final destination.

  • Get a daily email packed with the latest news and analysis from Africa, Asia, and across the Global South.
  • Read exclusive insights on the key trends shaping China’s relations across the Global South.
  • Full access to the News Feed that provides daily updates on Chinese engagement in the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by CGSP Staff

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2
Uncertainty Roils Minerals Markets
3 Chinese Scholars See Russia’s Venezuela Strategy as a Model of Hybrid Power Projection in the U.S.’ Backyard
4 India Forced to Pay Russia in Yuan, Handing China an Unexpected Win
5 From J-10C to Kaan? Indonesia’s Fighter Jet Deal With Turkey Shocks Chinese Military Fans
6 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C

You Might Like

Cargo ships and tankers are seen off coast city of Fujairah, in the Strait of Hormuz in the northern Emirate on February 25, 2026. (Photo by Giuseppe CACACE / AFP)

China Buffered from Oil Shock by Shipments at Sea

New data from the commodities-focused publication The Kobeissi Letter showed that China is relatively sheltered from an immediate shock triggered by the disruption of oil shipments through the Strait of Hormuz, as about ...
China condemns the U.S. forcible seizure of Venezuela’s Nicolás Maduro and wife Cilia Flores, demanding their release.

China Condemns U.S. Forcible Seizure of Venezuela’s President

China condemned the U.S. for what it called a forcible seizure of Venezuelan President Nicolás Maduro after U.S. strikes in Venezuela, demanding his release and warning against “world judge” behavior. Foreign ...

New Data Reveals China’s Growing Dependence on Middle Eastern Oil

Middle Eastern oil producers now account for 48.3% of China’s oil buys in the first half of the year, according to the latest Chinese customs data. Saudi Arabia is the top provider, with ...

Contrasting Views on Whether Iran Will be Able to Continue Selling Oil to China

China’s independent oil refiners, known as teapots, are betting that the U.S. won’t crack down on Iranian oil shipments for fear of pushing up prices. While higher gas prices in the U.S. are ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP
Detected IP: ...

Create a free account, or log in.

Gain access to limited free articles, exclusive research & analysis, news updates, and podcasts.

Yes! I would like to receive new content and updates.