Russia’s crude oil exports by sea have fallen to their lowest level in months, dropping by 150,000 barrels per day (bpd) in the four-week period ending November 24, according to tanker-tracking data from Bloomberg. This marks the steepest decline in exports since July.
During this period, Russia’s oil export terminals shipped an average of 3.12 million bpd, down from the previous four-week average of 3.27 million bpd, the data shows. The decline is mainly attributed to reduced shipments from Russia’s Western ports on the Baltic and Black Seas, where most oil bound for India is loaded.
Bloomberg estimates that Russian crude shipments to India have dropped by at least 500,000 bpd over the past month compared to mid-October. Despite this, some shipments remain undelivered, likely indicating that the cargoes will still reach India.
This reduction in exports comes as Russia’s crude shipments hit a two-month low. It also coincides with an upcoming OPEC+ meeting, scheduled for Sunday, where member countries, including Russia, will discuss production levels and the global oil supply.
In a separate development, Russia may lift its gasoline export ban sooner than expected, potentially boosting refinery output and reducing the volume of crude available for export. Deputy Prime Minister Alexander Novak announced on Friday that the ban could end earlier than the planned December 31 deadline, though the exact date is still uncertain.
Earlier this month, Energy Minister Sergey Tsivilyov suggested that the government is considering lifting the ban, as domestic fuel prices remain stable.
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