Russia's oil exports from its western ports fall to 19-month low

In July, Russian oil exports from key western ports fell to a 19-month low, and total oil exports were the lowest in almost a year.

This is reported by Bloomberg.

Global supplies fell by about 586 thousand barrels per day last month.

Supplies to China decreased especially significantly - by more than 1.4 million barrels per day, which was the largest recorded drop this year.

An increase in oil exports from Saudi Arabia and the United States helped to partially offset the decline in supplies from Russia, Brazil, Venezuela, and Qatar.

Russian exports, mainly of Urals, from the Baltic ports of Primorsk and Ust-Luga, as well as from Novorossiysk on the Black Sea, fell to almost 1.8 million barrels per day in July. For comparison, in June this figure was 2.2 million barrels per day.

Russia has begun to better comply with its quotas under the OPEC+ agreement, and refineries are resuming operations domestically, which could reduce the amount of oil it exports.

Author - Olena Madiak, 03/08/2024