Russia's Crude Oil Exports Decline, Yet Export Value Rises Amid OPEC+ Targets

Russia's Crude Oil Exports Decline, Yet Export Value Rises Amid OPEC+ Targets

Viktoriya Petrovna Zolotova
2 min read

Russia's Crude Oil Exports Decline, Yet Export Value Rises Amid OPEC+ Targets

Russia's crude oil exports have dropped to a four-week low, averaging 3.27 million barrels per day, in line with OPEC+ production targets. Despite the decrease in volume, the value of exports has increased to $1.57 billion due to a slight rise in oil prices. Notably, shipments to Asia have dwindled to an eleven-week low, with significant flows directed towards China and India. Russia has also responded to sanctions by bolstering ties with Middle Eastern countries like Oman, and implementing ship-to-ship transfers in new locations such as Oman and Morocco. Meanwhile, OPEC+ has decided to extend production cuts through 2025 to stabilize oil prices, with the UAE gradually increasing its production quota.

Key Takeaways

  • Russia's four-week average crude exports hit a low of 3.27 million barrels/day, reflecting OPEC+ compliance.
  • Despite stable weekly volumes, Russia's crude export value rose to $1.57 billion due to price increases.
  • Shipments to Asia dropped to 2.93 million barrels/day, with major flows to China and India.
  • Russia navigates US sanctions by strengthening ties with Middle Eastern partners like Oman.
  • OPEC+ extended production cuts through 2025 to support oil prices, with UAE increasing its quota by 300,000 barrels/day.


The decline in Russia's crude oil exports, aligning with OPEC+ targets, signals compliance and strategic shifts influenced by sanctions. The slight price increase, despite lower volumes, benefits Russia financially but impacts Asian markets, particularly China and India. Russia's adaptability is evident through the strengthening of ties with Middle Eastern countries like Oman and the use of alternative transfer methods. OPEC+'s extended cuts, coupled with the gradual increase in the UAE's quota, are aimed at stabilizing oil prices, impacting global energy markets, and potentially reshaping geopolitical alliances. This dynamic scenario could lead to a more consolidated oil market, with Russia and OPEC+ members playing a crucial role in price regulation.

Did You Know?

  • OPEC+: The Organization of the Petroleum Exporting Countries Plus (OPEC+) is an international alliance of oil-exporting countries that coordinates and unifies the petroleum policies of its members. The "plus" includes non-OPEC oil producers who have agreed to coordinate production with OPEC to manage global oil prices and supply.
  • Ship-to-Ship Transfers: This method is used in the maritime industry for transferring cargo between two ships while at sea. It is often utilized for transferring large quantities of oil or gas, especially in situations where direct docking is not possible or to circumvent sanctions by altering the origin of the cargo.
  • UAE Production Quota: The United Arab Emirates (UAE), as part of OPEC, has a production quota set by the organization to limit its oil production. This quota is adjusted periodically through agreements within OPEC+ to manage global oil supply and prices. An increase in the UAE's quota allows for the production and export of more oil, potentially impacting global oil markets.

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