Russian oil exports fall to lowest since April due to Ukraine strikes
19.08.2026 - 15:56
In the four weeks to August 16, Russian oil supplies fell to 3.58 million barrels per day, the lowest level since late April.
Russian oil exports by sea continue to decline amid Ukrainian strikes on oil infrastructure and the threat of new attacks, Bloomberg reports.
The decline has been going on for the fifth week in a row. It became especially significant after not a single tanker with Russian oil was loaded in the week to August 16 at the key Black Sea port of Novorossiysk. In total, 31 tankers exported 22.38 million barrels from Russian ports during the week, compared with 23.78 million barrels on 33 ships the week before.
Ukrainian attacks on Russian oil refineries previously contributed to the growth of crude oil exports, as the shutdown of refineries in Russia freed up additional volumes for sale abroad. However, the latest wave of strikes has not had such an effect. Bloomberg attributes this to Ukraine also attacking ships and ports used to export Russian oil.
The problems are also affecting production. In July, Russia produced 8.89 million barrels per day, the lowest level in six years and almost 1 million barrels below the level allowed under the OPEC+ agreement.
At the same time, Russian seaborne exports remain relatively high. Their average volume over the past four weeks is only slightly below the 2026 average. Total shipments since the beginning of the year also exceed the averages of every year since Russia began its full-scale invasion of Ukraine in 2022.
The supply cuts have reduced the volume of Russian oil at sea in loaded but not yet unloaded tankers to about 94 million barrels, the lowest level since September last year.
At the same time, delays in unloading individual batches are increasing: four tankers with Russian Urals oil are already anchored near the Egyptian port of Mersa el-Hamra, waiting for unloading for about a month and a half.
Earlier, USM reported that Russia is increasing its Arctic convoy of tankers to export oil to Asia.
