Russia increased crude oil exports in late December and early January, and all of its Asia-bound cargo from its western ports continues to go through the Suez Canal-Red Sea route, ship-tracking data seen by Bloomberg showed.

Crude supplies from Russia averaged 3.43 million bpd in the four weeks to Jan. 14, up 94,000 bpd from the four weeks to Jan. 7, according to data reported by Bloomberg's Julian Lee.

In the week to January 14, Russian crude oil exports by sea jumped by 166,000 bpd to 3.45 million bpd, down from May-June 2023 levels, when Russia pledged to cut supplies in the first quarter of 2024

In the week to January 7, Russian crude supplies averaged 3.28 million bpd - exactly 300,000 bpd below observed seaborne exports in May and June, which are used as benchmarks for Russia's promised 300 000 barrels per day of crude oil exports, Bloomberg data showed last week.

At the last OPEC+ meeting in late November, Russia said it would deepen export cuts to 500,000 bpd in the first quarter of 2024 – with May and June 2023 as the benchmark export levels for the cut. The reduction this quarter will consist of a reduction in exports of 300,000 barrels per day of crude oil and 200,000 barrels per day of refined products.

All crude cargo loaded at Russia's Baltic and Black Sea ports continues its journey to Asia — now Russia's biggest export destination — via the Suez Canal/Red Sea route, according to Bloomberg data.

The Houthis are known to primarily target tankers and container ships used by the West, while Russian supplies are considered relatively safe in the Red Sea unless a tanker is hit by mistake.