Russia's seaborne oil products exports fall

Russia's seaborne oil products exports fell by 9% in 2024

Decline in export volumes
In 2024, the volume of seaborne oil products exports from Russia decreased by 9.1%, reaching 113.7 million tonnes. This drop became one of the most notable indicators in the country's energy sector over the past year.

Main reasons for the decline
Experts link the reduction in volumes to several key factors. These include:

• Attacks by Ukrainian drones. These incidents disrupted logistics chains and complicated the delivery of raw materials.
• International sanctions. Restrictions imposed on Russian exports reduced access to key markets, particularly in Europe.
• Falling oil product prices. The decline in global prices put pressure on export revenues.
• Rising production costs. Increased costs for extraction and refining also reduced the margin of operations.

Impact on the economy
The fall in oil products exports has a significant impact on the Russian economy, where energy resources remain one of the main sources of income. Worsening trading conditions are forcing the government to seek alternative markets and develop new strategies to circumvent sanctions.

The export situation remains unstable, and analysts forecast further difficulties in 2025 if foreign policy and economic factors remain unchanged.