Russian Oil Exports Fall to Lowest Level Since Late April, Bloomberg Reports

Russian oil exports have plummeted to their lowest level since late April, following Ukrainian drone attacks in the Black Sea, according to Bloomberg. The decline intensified last week when Novorossiysk, Russia's principal Black Sea port, saw no tankers loaded. In total, shipments have dropped for five consecutive weeks, representing the largest recorded decline since Russia's full-scale invasion of Ukraine.

Bloomberg reports that Russia's seaborne crude oil exports dwindled to 3.58 million barrels per day over the four weeks leading up to August 16. This figure marked a reversal from previous increases as more crude was redirected to international markets following Ukrainian strikes that had previously disrupted Russian oil refineries.

However, the recent attacks on Russian refineries and port infrastructure have not triggered the same surge in crude exports, likely due to the simultaneous targeting of oil tankers and port infrastructure. Russian crude output has also suffered, falling to 8.89 million barrels per day last month, a six-year low, according to estimates from the Organization of the Petroleum Exporting Countries (OPEC).

This output is nearly 1 million barrels per day below Russia's allocation under its long-term agreement with OPEC+ partners. Despite the decline in exports, Russian seaborne oil shipments have remained relatively high compared to the start of 2026, although they still fall short of the yearly average. Moreover, the amount of Russian oil aboard tankers at sea decreased to about 94 million barrels during the week ending August 16, marking the lowest level since September 2025.

This reduction was attributed to fewer shipments, while deliveries to India remained stable. Last month, Russian oil deliveries to India were nearing a record high, at roughly 2.4 million barrels per day. Additionally, Russia experienced a fuel shortage in several regions in August, prompting local authorities in at least 10 regions to enforce stricter controls on the sale of motor fuel.