Russia's Crude Oil Exports Fall To Lowest Level Since February

• 9.07.2025, 7:58

Experts have given reasons why.

Russian oil supplies to global consumers have fallen to the lowest level since February this year. But this is only indirectly related to sanctions against the aggressor country.

Oil shipments from Russia have fallen to the lowest level because "refining volumes are growing faster than production." That's what's reducing exports, says oil strategist Bloomberg Julian Lee.

"Maritime crude cargoes averaged 3.12 million barrels a day in the four weeks through July 6, down 3 percent from the period through June 29, according to Russian tanker tracking data," the expert said.

Production rose about 60,000 barrels a day. This is one third of the total production growth set for the OPEC+ country. At the same time, refinery throughput rose by 140,000 barrels a day.

The production increase allowed to Russia under OPEC+ is limited to deeper cuts. According to current plans, the size of these cuts will grow until September, which is likely to further limit the amount of additional oil available for export, said an expert Bloomberg.

The above numbers do not take into account the shipment of Kazakh oil grade KEBCO. These shipments are carried out by KazTransoil JSC. Although they are exported via Russia, such supplies are not subject to EU sanctions or price restrictions.

However, however, the drop in Russian exports emphasizes the gap between the large increase in production by the OPEC+ group and the much smaller additional volumes that actually reach the international market, the publication's expert adds.