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In July 2024, Russian crude oil exports from key Western ports fell to a 19-month low. This led to a general decrease in the flow of marine oil around the world, writes Bloomberg with reference to tanker tracking data.
Russian exports, mostly of the flagship Urals grade, from the Baltic ports of Primorsk and Ust-Luga, as well as Novorossiysk on the Black Sea, fell to nearly 1,8 million barrels a day last month. That compares with 2,2 million in June.
It said global supplies fell by about 586 barrels a day last month. The overall flow to China fell by more than 000 million barrels per day, the biggest drop seen this year. Although the numbers may change as more ships specify their final destinations.
Increases from top exporters Saudi Arabia and the United States helped offset lower shipments from Russia, Brazil, Venezuela and Qatar, reporters said.
At the same time, Russia is improving the performance of production targets in OPEC+ and is observing the recovery of domestic oil refining. At the same time, the country's total seaborne crude oil exports are the lowest in nearly a year, and shipments from Baltic ports are the lowest since December 2022.
Russian oil
The European Commission called on Hungary and Slovakia to abandon Russian oil instead of blaming Ukraine for the oil blockade. The European Commission believes that the two countries receive enough oil, and there is no need for any "urgent consultations" with the participation of Ukraine.
Despite unprecedented sanctions from the West, Russia still finances its military machine with revenues from energy exports.
