Volumes of oil supplies extracted in Russia fell to their lowest level since February 2025. The reduction in exports is explained by a faster growth in refining volumes at refineries compared to production. This is reported by Bloomberg, according to UNN.
Details
It is noted that in the four weeks to July 6, the average volume of sea oil supplies was 3.12 million barrels per day (3% less than in the period to June 29).
At the same time, oil production volumes increased by approximately 60 thousand barrels per day — approximately one third of the total increase in Russia's target production within OPEC+. At the same time, the volume of oil refining at Russian refineries increased by 140 thousand barrels per day.
The increase in production allowed to Russia under the OPEC+ agreement is limited by deeper cuts it has committed to make to compensate for past overproduction. Under current plans, the volume of these cuts will continue to grow until September, which is likely to further limit the amount of additional oil available for export.
As the publication writes, the drop in Russian oil exports highlights the widening gap between the larger declared increase in production by the OPEC+ group and the much smaller additional volumes that actually enter the international "black gold" market.
According to Bloomberg, according to ship tracking data and port agent reports, in the week to July 6, 30 tankers loaded 22.96 million barrels of Russian crude oil (the previous week, this figure was 21 million barrels loaded on 28 vessels).
Recall
Negotiations on lowering the price cap on Russian oil from $60 to $50 are ongoing. Radio Liberty journalist Rikard Jozwiak reports that there is momentum for this decision.
Oil prices fall after unexpected OPEC+ production increase07.07.25, 08:10