Russian oil exports fell to a three-year low.

Oil exports from Russia in August fell to the lowest level in the last 3 years due to reduced demand from China for it. This information was provided by representatives of the International Energy Agency.

In August, Russian oil exports decreased to the level of March 2021, and in September they continued to decline, which also led to a decrease in global prices for it.

It is noted that China no longer needs as much oil as before, and there are practically no other buyers (except for India) for Russia.

Average daily Russian oil and petroleum product exports in August decreased for the second month in a row, compared to July it fell by 290 thousand barrels to 7 million barrels - the lowest level since March 2021.

Most of the decline (270 thousand barrels) was in crude oil, which the International Energy Agency considers extremely deep.

In July, China received oil from Russia via sea and pipeline transportation at 1.76 million barrels per day, which is 14.1% less than in June, and 7.4% less than in the same period last year.

Demand from the Chinese economy for oil and petroleum products is decreasing in almost all sectors where they are used, which is explained by both the slowing pace of economic growth and the crisis in the real estate market, as well as radical changes in the energy balance.

In July and August, most of the cars sold in China were electric, and a significant portion of new trucks run on natural gas.

Source: Economic Truth