Russia’s Crude Exports Slump to the Lowest in 11 Months

Russia’s four-week average crude exports dropped to the lowest since late August of last year amid a plunge that’s cut 710,000 barrels a day from the recent peak in April. The slump comes despite a small increase in weekly flows.

The decline — the fourth straight — likely stems from Russia’s improving compliance with an OPEC+ output target, coupled with a recovery in domestic refining. Moscow plans to make extra production cuts later this year and during the warmer months of 2025 to compensate for pumping above its quota, set by the group, earlier this year. Meanwhile, refinery runs are edging closer to a six-month high in July. A Ukrainian drone attack on July 22 caused a fire at Rosneft’s Tuapse refinery, but didn’t stop the plant from running.