Russia's Seaborne Crude Oil Exports Fall to Lowest Since May

According to Bourse News, in a report published Tuesday, August 11, 2026 (20 Mordad 1405), ship-tracking data compiled by Bloomberg showed Russia's seaborne crude oil exports averaged 3.71 million barrels a day in the four weeks to August 9 (18 Mordad), the lowest level since May. Average cargoes over the most recent week were just 3.25 million barrels a day, down from 3.5 million barrels a day the week before.

The decline came just days after industry sources said Russia's crude and condensate output rose by roughly 100,000 barrels a day in July to more than 9 million barrels a day. The Black Sea port of Novorossiysk has been operating at roughly half its peak loading rate since tankers near the port came under attack, and loading at the Baltic port of Ust-Luga is running at about half the level of two weeks ago. Ukraine struck five Russian refineries in the first week of August and two more this week. According to Oilprice.com, Russia's seaborne crude exports have averaged 3.62 million barrels a day so far this year, about 280,000 barrels a day above last year's average.