**Russia’s Crude Oil Exports Plummet by 30 Million Barrels**
In a significant decline, Russia’s crude oil exports have dropped sharply in the first seven months of this year. According to data compiled by Bloomberg, the country exported nearly 30 million fewer barrels of crude oil compared to the same period in 2024. This represents a four percent decrease in oil exports, making it one of the steepest declines in recent history.
The decline is even more pronounced when compared to 2023, with Russia’s crude oil exports down by seven percent so far this year. The sharp drop-off in oil exports comes as no surprise, considering the Kremlin’s efforts to conceal its true oil production data following its full-scale invasion of Ukraine in 2022. As a result, export volumes have become the most reliable indicator of Russia’s actual crude oil output.
**Russia’s Oil Exports: A Global Perspective**
While Asia remains the primary market for Russian oil, with China and India being major buyers, exports to other regions have taken a hit since the start of the war in 2022. Shipments to Northern Europe, the Mediterranean, and the Black Sea region have significantly decreased.
The sharp decline in oil exports is likely to further strain Russia’s economy, which has long relied on revenue from oil and gas sales. The country’s finances are already under pressure due to ongoing Western sanctions, according to both Russian and Western financial analysts.
**Economic Pressure Mounts**
The situation could become even more dire if U.S. President Donald Trump follows through on his threat to impose secondary tariffs on countries that continue buying Russian oil. Trump has given Russia a tight deadline to reach a peace agreement with Ukraine, citing growing frustration and impatience with the Russian leader.
As tensions escalate, Russia’s economy is facing mounting pressure from all sides. The sharp decline in crude oil exports serves as a stark reminder of the devastating impact of war on global economies.
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