Russia faces steep decline in oil exports - Bloomberg

According to the agency, Russia's seaborne crude oil supplies have been declining for the third consecutive week, reaching a two-month low, and the reduced volumes are in turn reinforcing the drop in prices.

Based on vessel-tracking data compiled by Bloomberg, during the four weeks to November 9, the country shipped 3.45 million barrels per day — approximately 130,000 barrels less than in the same period to November 2.

The value of Russian oil exports fell to the lowest level since August on a four-week average basis, with gross export revenues shrinking by approximately $ 80 million to $ 1.28 billion.

The reduction in oil flows from Russian ports coincided with falling prices, leading to decreased revenues that finance Russia's war in Ukraine.

Large volumes of Russian crude remain on tankers, as US sanctions have slowed the unloading of commercial vessels. In the coming weeks, this number is expected to increase; the deadline for accepting oil supplied by producers Rosneft PJSC and Lukoil PJSC is November 21.

According to vessel-tracking data and port-agent reports, over the past week, 31 tankers loaded 23.43 million barrels of Russian oil. This volume exceeded the 21.11 million barrels shipped by 27 vessels the previous week.

Türkiye, China, and India remained the primary export markets for Russian oil, with supplies to Türkiye decreasing to approximately 270,000 barrels per day.

Background

Earlier, the United States imposed sanctions on Russia's oil industry. The sanctions targeted Lukoil and Rosneft, prompting most Indian refineries to cease purchasing Russian oil.

A few days ago, US President Donald Trump confirmed that India had largely stopped buying oil from Russia.

Amid this, the American leader also promised to lower the high tariffs on India that had been introduced over its purchases of Russian oil.