The volumes of marine crude oil exports from the Russian Federation have significantly decreased, reaching the lowest level since January 2024. The main reason for this is the new US sanctions, which have forced key buyers to suspend purchases of Russian oil.
This is reported by Finway
Decline in exports and impact on Russia’s revenues
According to the four-week average as of November 2, oil exports from Russian ports amounted to 3.58 million barrels per day. This is 190,000 barrels less than the revised data for the four-week period ending October 26. This drop in exports has negatively affected Moscow’s oil revenues, which have fallen to their lowest level since August. The reduction in supply volumes is a result of the US ban on transactions with the two largest Russian exporters – Rosneft and Lukoil.
Key buyers seek alternatives
Refineries in China, India, and Turkey are currently refraining from purchasing sanctioned cargoes and are considering other supply sources. Together, these three countries account for over 95% of Russia’s marine crude oil exports, so even a slight reduction in their purchases significantly impacts the overall export volumes from Russia.
Despite this, Russian exporters continue to load oil onto tankers; however, refiners are hesitant to accept these shipments into their storage tanks. As a result, the volume of Russian oil at sea has increased, exceeding 380 million barrels – this is 27 million barrels, or 8%, more compared to the beginning of September, according to tanker data.
Moscow is likely to continue loading tankers, even if the cargoes remain in “floating storage.” Thus, oil at sea will become an increasingly important indicator of the impact of the latest sanctions.
It is expected that future indicators of oil accumulation at sea will become one of the key markers of the impact of the new restrictions on the Russian energy sector.