SEATTLE (Oil Monster): The crude oil exports from Russia have recorded modest decline during the initial six-month period of the current year, said the most recent report released by the U.S. Energy Information Administration (EIA).
The crude oil and condensate exports from the country averaged at 5.0 million barrels per day (b/d) from 2020 to 2024. The exports totalled 4.3 million b/d in Jan-June this year, when compared with 4.8 million b/d in the corresponding six-month period in 2024.
Though the export volumes of crude oil have remained relatively high, there has been a gradual shift in destination of these exports, with Asian countries, especially China, recording surge in imports of Russian oil.
Europe had accounted for nearly 51% of the Russian crude oil and condensate exports in 2020. However, the share of the region fell to 12% in 2024 and dropped further to 11% in the first half of 2025. Turkey continued to remain as the largest export destination over the period.
The dip in exports to Europe was balanced by increased imports by countries in the Asia and Oceania region. In 2020, Asia and Oceania received 41% of Russia’s crude oil and condensate exports. In 2024, this share rose to 81%, with China and India being the leading importers.
China continued to remain as the largest importer of Russia’s crude oil and condensate. Exports from Russia to China surged by 500,000 b/d between 2020 and 2024, EIA report said.
