Russia's Oil Exports Hit Wartime High Despite Production Decline
Russia's crude oil exports reached 3.46 million barrels per day last month, the highest level since the 2022 invasion of Ukraine, driven by surging global prices. Ukrainian drone strikes on refineries and export terminals have disrupted refined fuel exports but increased crude shipments to global markets. While export revenues are at their highest since 2022, Russian upstream production is falling and the government must compensate refinery owners for fuel export losses, limiting actual revenue gains to the Kremlin.
Russia's crude oil exports have reached their highest volume since the full-scale invasion of Ukraine, averaging 3.46 million barrels per day last month amid elevated global oil prices. Ukrainian long-range drone strikes targeting Russian refineries and export terminals have disrupted Moscow's ability to export gasoline and jet fuel, forcing the country to redirect more crude oil to international markets instead. This shift has paradoxically boosted crude export revenues to their highest levels since 2022. However, Russian officials acknowledged this week that upstream oil production is declining, and the financial benefits are being substantially offset by billions of dollars in government compensation payments to refinery owners affected by the fuel export restrictions.
What different sources said
- SemaforCenter
Russia’s oil exports hit wartime high
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