Russian petroleum exports SURGE despite increase in domestic demand
By Laura Harris // Jul 26, 2023

Russia's petroleum exports continue to rise each month following seasonal maintenance of its refineries. This increase has been observed despite a projected increase in domestic demand for fuel.

Figures from the Refinitiv Eikon financial analysis platform showed that Russia's seaborne diesel and gasoil exports increased by 11 percent in the first half of July, exceeding the 13 percent increase in June. Amid this development, Moscow is preparing to slash its oil exports by 500,000 barrels per day (bpd) in August to increase the availability of petroleum supply for domestic refining and fuel production.

Turkey and Brazil have stood out as the top destinations of Russian petroleum exports since the implementation of the European Union's (EU) embargo on Russian oil products. July shipping data showed Ankara receiving 631,000 tons of diesel and gasoil, and Brasilia receiving 300,000 tons. The previous month, Turkey received about 1.47 million tons of diesel and gasoil while Brazil received 350,000 tons of diesel. (Related: Russian oil exports surge despite Western sanctions, Moscow's output cut.)

Senegal and Morocco were also buyers of Russian fuels, purchasing 75,000 tons and 66,000 tons of diesel and gasoil from Russia, respectively. However, Togo only received 37,000 tons and Ghana 30,000 tons, which are lower than previous records.

Furthermore, 250,000 tons of unidentified cargo were intended for ship-to-ship (STS) transfers near Malta and the Greek port of Kalamata. Industry experts suggest that most of these unidentified Russian fuels are heading to Turkey and Middle Eastern countries based on their trading patterns.

However, the United Arab Emirates, one of the top destinations of Russian exports, maintained the same level in June with only 150,00 tons after receiving nearly 270,000 in May. Similarly, Saudi Arabia, which typically receives significant diesel shipments from Russia, shows no record for this month. Riyadh had one diesel cargo record in June, but no shipments were recorded this month.

IEA: Russia set to surpass Saudi Arabia as top crude producer

Meanwhile, the International Energy Agency (IEA) stated in its latest monthly oil market report that Russia is on the brink of overtaking Saudi Arabia as the leading crude producer within the Organization of the Petroleum Exporting Countries (OPEC). Riyadh is a founding member of OPEC, while Moscow is a member of the OPEC+ collective that includes the core founding nations and other oil-producing countries.

Based on the IEA's data, Saudi Arabia produced approximately 9.98 million bpd, while Russia stood at 9.45 million bpd last month. The agency's estimation indicated that the Saudi Arabia's total crude output will only dip to nine million bpd this July and August – the lowest production rate of the kingdom in two years.

This decrease is a result of Saudi Arabia's decision to extend its production cut to stabilize oil prices. Additionally, Riyadh announced an extension of its voluntary crude output cut of one million bpd until August. However, it creates an opportunity for Russia to emerge as the top oil producer within the OPEC+ group of crude exporters.

Concurrently, Russia declared a 500,000 bpd cut in its oil exports for the same period. Together, these production cuts will account for a 1.5 percent decrease in the global oil supply.

Saudi Energy Minister Prince Abdulaziz bin Salman emphasized the deep cooperation between Riyadh and Moscow as part of the OPEC+ group, and reaffirmed their commitment to supporting the stability of the oil market. This collaboration has led to voluntary reductions of 1.66 million bpd by some OPEC+ members from April until the end of 2024.

Follow for more stories about oil supply across the globe.

Watch Brannon Howse of "Worldview Report" talking about Russia's record-high oil export since April 2020.

This video is from the Worldview Report channel on

More related stories:

Diesel fuel supplier issues “code red” alert for Southeast U.S. as diesel supplies plummet, threatening transportation.

EU undermining its own sanctions against Russia by buying as much Russian diesel as it can before ban begins.

Russian oil still powers European vehicles, thanks to India’s refining capability.

Gas and diesel prices expected to increase as crack spread soars.

IEA report: Nearly 80% of Russian crude oil has been rerouted from EU to China and India.

Sources include: 1 2

Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more. © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.