Russian oil exports collapsed in July, - Bloomberg.

Russian oil exports fell significantly, reaching the lowest levels in the past year and a half. In July 2024, shipments from Russia's main ports fell to a 19-month low, and overall oil exports dropped to the lowest level in almost a year.

This was reported by Bloomberg.

Global supplies of Russian oil decreased by approximately 586,000 barrels per day last month. Particularly noticeable was the decrease in shipments to China, which fell by more than 1.4 million barrels per day, the largest drop this year.

Exports of Urals-grade oil from the Baltic ports of Primorsk and Ust-Luga, as well as from Novorossiysk on the Black Sea, decreased in July to nearly 1.8 million barrels per day compared to 2.2 million barrels per day in June.

Bloomberg experts attribute this decline to several factors. Firstly, Russia is better adhering to its quotas under the OPEC+ agreement. Secondly, refineries in the country are back in operation after a break, which may reduce the volume of oil available for export.

Meanwhile, the decrease in Russian export volumes is partially offset by increased supplies from other countries. Saudi Arabia and the United States have increased their oil exports. This helped balance the market amid decreasing supplies not only from Russia but also from Brazil, Venezuela, and Qatar.

A separate analysis conducted by Bloomberg experts this week showed that overall Russian oil exports by sea reached their lowest level in almost a year. Additionally, shipments from Baltic ports fell to their lowest levels since December 2022.

Earlier, an energy market expert stated that the Soviet Union did not use oil and gas as a tool for political blackmail of Western countries, this process began under Putin.