Russia's seaborne crude exports have declined to their lowest level since May, as a combination of recovering domestic refinery operations and disruptions at key loading terminals has redirected crude supplies away from international markets. According to vessel-tracking data compiled by Bloomberg, Russia exported 3.71 million barrels per day over the four-week period ending August 9. The most recent week saw shipments slide further to just 3.25 million bpd, down from 3.5 million bpd the previous week, signaling continued pressure on export capacity.
The decline occurs despite an apparent uptick in Russian crude and condensate production, which industry sources indicate rose by approximately 100,000 bpd recently. This divergence between production and export volumes underscores the impact of domestic demand and logistics challenges on Russia's ability to place crude in international markets. Stronger refinery throughput—driven by recovering operations—has absorbed a greater share of domestic output, limiting the barrels available for export.
The export squeeze also reflects ongoing vulnerabilities in Russia's oil infrastructure. Attacks on port facilities and loading terminals have intermittently disrupted operations, creating bottlenecks that further constrain the volume of crude reaching global buyers. These combined pressures have placed Russia's export position at a disadvantage as it navigates geopolitical constraints and infrastructure challenges in the global energy market.