Russia’s oil exports drop compared to last year – Bloomberg
Illustrative photo: Oil exports have decreased in Russia (Getty Images)
In the first seven months of 2025, Russia exported 4% less oil compared to the same period in 2024, Bloomberg reports.
Since the beginning of 2025, Russia has reduced oil exports by approximately 140,000 barrels per day compared to the same period last year. The total loss in volume is estimated at nearly 30 million barrels. Compared to 2023, the decline is around 7%. A slight decrease in oil refining at Russian refineries was also noted.
As Bloomberg points out, after the start of the invasion of Ukraine, Moscow classified production data, "making shipments the most visible part of the country’s oil supply."
According to the outlet, the reduction may be linked to Russia’s attempts to offset overproduction under the OPEC+ agreement. The situation may become clearer in October, when Russia is expected to gain the right to increase output.
In addition, shipments may come under even more pressure: US President Donald Trump has threatened to impose secondary tariffs against Russia.
Trump’s ultimatum
US President Donald Trump previously threatened to impose 100% secondary tariffs against Russia. These tariffs would target countries that continue to buy oil, gas, and other goods from Russia after potential US restrictions come into effect.
Today, July 29, the American leader vowed that new sanctions will be imposed on Russia if Moscow does not agree to a peace deal with Ukraine within 10 days.
Notably, Reuters earlier reported that three Gulf countries could fully replace Russian oil on the global market.
