A tanker exiting Russian Sochi port
Russian seaborne crude exports slow
China and India remain the most important customers for Russian volumes
Russia exported less crude by sea last month amid slumping Sakhalin volumes and a possible increase in domestic refining activity. Europe, meanwhile, remains unable to wean itself of its dependence on Russian diesel. Russian seaborne volumes slowed to around 3.34mn bl/d in July, according to energy analytics firm Vortexa, down by 220,000bl/d from June and 420,000bl/d lower than the “Covid-era peak reached in April”, says Vortexa chief economist David Wech. All Russian regions are exporting less, but the decline “is most pronounced in the Far East”, Wech explains. Sakhalin volumes have slumped as Moscow appears set on squeezing out its foreign partners, with exports declining to just above 5
Also in this section
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
