Russia’s Crude Oil Exports Fall Amid Tightened Restrictions
Russia’s crude oil exports have declined over the past several months, with shipments in the first seven months of 2025 falling by 4% compared to the same period last year. The drop is even steeper compared to 2023 levels.
The Gaze reports this, referring to Bloomberg.
The slowdown comes as Moscow adjusts its production levels after previously exceeding its quota under the OPEC+ supply-cut agreement. Analysts suggest that the current curbs might be linked to those earlier overproductions.
A clearer picture is expected in October, when Russia will, in theory, be allowed to significantly ramp up production.
Seaborne crude flows averaged 3.22 million barrels per day over the four weeks to July 27 – a 3% decline from the previous month.
Weekly shipments tumbled to their lowest level in over six months, falling by about 520,000 barrels a day to 2.66 million barrels.
Baltic exports, particularly from the ports of Ust-Luga and Primorsk, slumped to levels unseen since December 2022, partially due to stricter port-entry rules imposed by President Vladimir Putin following a series of tanker-related explosions.
Year-to-date exports are down by 140,000 barrels a day, equating to almost 30 million barrels fewer than the same period in 2024 – and 7% below 2023 figures.
Flows to Asia, Russia’s key market, remained stable at 2.86 million barrels a day over the past 28 days. Exports to Turkey dropped to 280,000 barrels a day, the lowest in 12 weeks, while flows to Syria averaged about 70,000 barrels a day.
The decline coincides with geopolitical pressures. U.S. President Donald Trump recently threatened to impose secondary tariffs on all Russian oil purchases if Moscow’s buyers continue their trade.
Trump also shortened his ceasefire deadline for President Putin, demanding a resolution to the war in Ukraine within 10 days, warning of additional punitive measures.
Read more on The Gaze: New Sanctions against Russia – How they Reduce its Ability to Wage War