Recent U.S. sanctions have significantly affected Russia’s oil export sector. Seaborne crude shipments from Russia have seen their most considerable decline since January 2024.
Impact of US Sanctions on Russia’s Crude Deliveries
The latest sanctions have caused key buyers to withdraw from purchasing Russian oil, resulting in a sharp drop in cargo discharges. This decrease has been more severe than that of loadings, indicating rising volumes of oil still in transit.
Current Shipment Volumes
According to vessel-tracking data compiled by Bloomberg, the four-week average volume of crude shipped from Russian ports was 3.58 million barrels per day as of November 2. This marks a reduction of approximately 190,000 barrels per day from the revised average for the previous period ending October 26.
- Current Volume: 3.58 million barrels per day
- Decline: 190,000 barrels per day
- Tracking Period: Four weeks ending November 2
This downward trend highlights the ongoing challenges faced by Russia’s oil industry, exacerbated by international sanctions. The volatility of weekly figures, when viewed alongside these averages, underscores the ongoing impact of these restrictions.
