Russian oil exports in August fell to their lowest level since March 2021

Russian exports of oil and petroleum products decreased in August by 290 thousand barrels per day - to 7 million bpd. This is the lowest figure since March 2021. This was reported in a report by the International Energy Agency.

According to the report, exports fell unevenly: the increased exports of fuel oil and vacuum gasoil could not compensate for the decline in exports of “light” oil products - naphtha, gasoline and gasoil - caused by the downtime of processing plants after drone attacks. Lower volumes and prices led to a decrease in oil and gas export revenues - by $1.6 billion by July this year and by $2.4 billion by August last year - to $15.3 billion.

Previously, Rosstat calculated that in Russia in the first half of 2024, mining production decreased. Considering that data on oil and gas production are classified, and the production of all other minerals is growing, this may indicate a negative trend in oil and gas production. Also, by indirect signs one can judge the decline in oil refining.