Oil & Gas News | Russian weekly oil exports drop 26%

Russian oil exports shrank by more than a quarter in the week to March 17-23 from the previous week, industry data showed.

Average daily shipments from the country reached 495,300 tonnes, down 26.4% from the previous week, data seen by Bloomberg showed. This equates to about 3.63 million barrels per day.

While the data did not indicate any reason for the change, Russia saw a sharp decline, faced with more liquidity following Russia's invasion of Ukraine and many of its old customers increasingly looking for alternative energy supplies.

Only a handful of countries — including the United States and the United Kingdom — explicitly ban imports of Russian oil. Still, many of the country's traditional customers went on strike spontaneously in response to the war. Major companies from Shell to TotalEnergies SE have said they intend to phase out crude and fuel purchases from Russia.

The drop in exports was at least partly due to lower Russian exports to Baltic and Asia-Pacific ports, according to loading data.

Total oil production was little changed over the same period, down 0.3% from the previous week, production data showed. The country pumped about 11.08 million barrels of oil per day on average during that period, according to calculations by Bloomberg.

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