Russian oil exports drop by 8.3% in July 2026, IEA reports
Export revenues fell by nearly $2 billion to $13.76 billion due to lower volumes and a decline in Urals crude prices.
Quick Look
Russian crude oil and petroleum product exports fell by 630,000 bpd to 6.97 million bpd in July 2026, with export revenues dropping 12.5% to $13.76 billion, according to the IEA.
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Why It Matters
Russian oil exports are monitored closely by international agencies for shifts in volume and revenue.
MOSCOW, August 12. /TASS/. Russian exports of crude oil and petroleum products totaled 6.97 million barrels per day (bpd) in July 2026, down 630,000 bpd, or 8.3%, from the previous month, the International Energy Agency (IEA) said in its latest report.
Export revenues fell by nearly $2 billion, or 12.5%, to $13.76 billion. According to the report, Russian crude oil supplies dropped by 200,000 bpd in July, while petroleum product shipments decreased by 430,000 bpd. Crude export revenues for the month stood at $11.11 billion (down $1.11 billion from June), while petroleum product revenues reached $2.64 billion (down $860 million from June).
Furthermore, the IEA noted that the price of Russian Urals crude oil at the port of Primorsk (FOB) fell by $3.97 to $57.18 per barrel, which also drove down revenues. Compared to July of last year, Russia's oil export revenues in July 2026 were lower by $720 million.
Open Questions
- What caused the specific drop in petroleum product shipments in July?
