The biggest drop of the year. Russian oil exports plummeted in July

Last month, Russian oil exports from major Western ports fell to their lowest level in almost 20 months. The most noticeable decline was in supplies to China.

This was reported by RBC-Ukraine with reference to Bloomberg.

According to the publication, in July, Russian oil exports from major Western ports fell to their lowest level in 19 months, and total oil exports fell to their lowest level in almost a year.

Last month, global supplies fell by about 586,000 barrels per day. The decline in supply was particularly marked in China, which fell by more than 1.4 million barrels per day, the largest drop this year.

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

The publication conducted a separate analysis this week and found that Russia's total oil exports by sea were the lowest in almost a year, and shipments from Baltic ports fell to their lowest level since December 2022.

Author - Dmitriy Levchenko, 05/08/2024