Russia's oil exports have fallen to their lowest level since February this year.
Bloomberg reported this.
What influenced the oil market in Russia
It is noted that Russian oil shipments have fallen to their lowest level since February, as refining volumes are growing faster than production. This directly affects exports.
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– Seaborne cargoes of crude oil averaged 3.12 million barrels a day in the four weeks to July 6, down 3% from the period to June 29, according to tanker tracking data, the newspaper writes.
At the same time, oil production increased by about 60 thousand barrels per day. According to journalists' calculations, this is one-third of the total production increase set for the OPEC+ country.
“At the same time, the volume of refining increased by 140 thousand barrels per day,” Bloomberg clarified.
It is reported that the increase in production that Russia was allowed within the framework of OPEC+ is limited by deeper cuts.
It is currently scheduled to rise until September, which will likely further limit the amount of additional oil available for export.
The decline in Russian exports has further highlighted the gap between how much OPEC+ has increased production and how much additional oil volumes that actually reach the international market have decreased.
Earlier it became known that Russia's revenues from gas and oil in June decreased by 33.7% year-on-year, to 494.8 billion rubles ($6.29 billion).
This was the lowest figure since January 2023.
