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Russia’s seaborne crude exports have plunged to the lowest weekly level in 10 weeks, marking the sharpest drop since January 2024 as new U.S. sanctions push key buyers away from Moscow’s oil, Bloomberg reports. Countries that previously absorbed over 95% of Russia’s seaborne crude — including India, China and Turkey — are now seeking alternative suppliers.
Four-week average shipments fell to 3.58 million barrels per day as of November 2, down about 190,000 barrels from the previous period. Revenues have dropped to their lowest level since August, while more Russian oil remains stuck at sea, swelling floating storage to over 380 million barrels.
Indian and Chinese refiners have paused purchases of sanctioned Russian cargoes, and Turkish buyers are also reducing intake and switching to producers like Iraq, Libya, Saudi Arabia and Kazakhstan. Analysts note the shift could hit Russia’s key ESPO grade from Kozmino, a major source for Chinese refineries.
While Russia continues loading crude, fewer refiners are accepting shipments, leading to rising volumes held on tankers. The value of Russian exports dropped to about $1.36 billion a week on a four-week average basis, with Urals prices sliding below $52 per barrel and ESPO near $59 — under the G7 price cap for a second week.
Some market players predict the disruption may be temporary, arguing Russian oil often finds its way back to market through alternative routes. Still, the immediate hit to exports and refined product output — including another drone strike on a Rosneft refinery — underscores mounting pressure on Moscow’s energy sector.
