Russian July seaborne oil product exports drop 33% m/m, data from sources shows

• Diesel and gasoil exports fell sharply by 60% to 0.75 million tons, while naphtha shipments dropped 35% to 0.8 million tons as domestic demand increased
• Russia implemented a temporary export ban in July, extended through August, though it allows shipments under existing contracts and intergovernmental agreements
• Reduced Russian exports could tighten fuel supplies in key markets including Asia, the Middle East, Turkey, and Brazil, which became primary buyers after the EU banned Russian oil product imports in February 2023

Russia's Seaborne Oil Product Exports Plunge 33% in July

Russia's seaborne oil product exports declined sharply to approximately 3.9 million metric tons in July 2025, representing a 33% month-over-month decrease, according to market sources and LSEG data reported by Reuters on August 4.

Key Drivers:

The export decline stems from reduced refining capacity following Ukrainian attacks on Russian refineries and the implementation of temporary export restrictions. Russia imposed a fuel export ban last month to secure domestic supplies amid local fuel shortages and rising wholesale prices. The ban, extended through end-August for producers, permits exports only under existing contracts and intergovernmental agreements.

Product Breakdown:

• Diesel and gasoil: Exports plummeted approximately 60% month-over-month to 0.75 million tons
• Naphtha: Shipments fell 35% to around 0.8 million tons due to strong domestic petrochemical demand
• Dark oil products (fuel oil and VGO): Accounted for 60% of July exports, declining 21% to roughly 2.3 million tons

Market Implications:

The reduced Russian exports are expected to tighten fuel cargo availability in key markets including Asia, the Middle East, Turkey, and Brazil. These regions have absorbed Russian fuel exports since the EU implemented its ban on Russian oil product imports in February 2023.

The supply disruption could pressure fuel prices in these markets as buyers seek alternative sources. Russia's domestic fuel shortage and wholesale price increases also signal internal market stress, potentially affecting the country's refining sector operations and export capacity in coming months.