September 21, 2021

Russia’s crude oil exports decline 8% this year in compliance with OPEC+ production cuts deal

The country exported 129.104 million tons of crude oil between January and July of 2021. Meanwhile, foreign shipments of Russian oil in July alone rose by 8.4% to 18.69 million tons.

Exports to the member nations of the Commonwealth of Independent States (CIS) surged 15.5% in the first seven months to 7.09 million tons, while July exports saw a major decline of nearly 42%, to 870,000 tons.

Meanwhile, sales of Russian crude to non-CIS countries dropped 9.1% during the seven-month period, and totaled 122.01 million tons. In July, exports increased by 13.2%, to 17.82 million tons.

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Transit of oil reportedly declined by 7.2% to 10.52 million tons from January through July, and by 15.6% to 1.4 million tons in July alone.

The report attributes the decline in Russian crude exports to the implementation of the OPEC+ production cuts agreement, which also saw the supplies of other oil-producing countries reduced.

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