Russian oil exports collapsed in July - Bloomberg
Russian oil exports collapsed in July (photo: Getty Images)
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, reports Bloomberg.
According to the newspaper, in July, Russian oil exports from major Western ports fell to the lowest level in 19 months, while total oil exports fell to the 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 newspaper 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.
Earlier, Western sanctions led to half of Russia's oil and oil products exports going to China in 2023.
At the same time, India, which previously hardly imported Russian oil, has reached a 40% supply rate in two years.
Europe's share of oil exports from Russia fell tenfold to about 4-5%.
