Russian July seaborne oil product exports drop 33% m/m
8/4/2026 8:00:00 AM
Russia's seaborne oil products exports fell by a third in July month-on-month to about 3.9 million metric tons, reflecting a drop in fuel production following Ukrainian attacks on Russian refineries and export restrictions, according to market sources and LSEG data.
Russia introduced a temporary ban on diesel exports last month to secure domestic supplies and later extended the measure until the end of August for producers, as fuel shortages in the local market drove wholesale prices higher. The ban, however, allows exports under previously concluded contracts and intergovernmental agreements.
- Total diesel and gasoil exports from Russian ports fell in July by about 60% from the previous month to 0.75 million tons, while seaborne naphtha export shipments dropped 35% to around 0.8 million tons amid strong domestic gasoline demand.
- Naphtha is primarily used as a feedstock for petrochemical production, including plastics, and can also be blended into gasoline.
- Dark oil products — fuel oil and vacuum gasoil (VGO) — accounted for about 60% of Russia's seaborne oil product exports in July. Combined exports of the two products fell by about 21% from June to roughly 2.3 million tons, LSEG data showed.
- Lower exports of oil products from Russian ports could further tighten available fuel cargoes in Asia, the Middle East, Turkey and Brazil, traders said. These markets have become the main buyers of Russian fuel exports since the European Union's ban on imports of Russian oil products took effect in February 2023.
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