(WO) — Russia’s crude oil and condensate exports have declined slightly since 2022, but the bigger shift has come in where those barrels are going, according to new analysis released by the U.S. Energy Information Administration (EIA) on Aug. 7.
Data source: U.S. Energy Information Administration analysis based on Global Trade Tracker, Argus, and Vortexa
From 2020 to 2024, Russian exports averaged 5.0 million barrels per day (b/d). In the first half of 2025 (1H25), exports fell to 4.3 million b/d—down from 4.8 million b/d in 2024. While overall volumes remain relatively high, the EIA notes a significant reorientation of trade routes due to sanctions imposed after Russia’s full-scale invasion of Ukraine in February 2022.
In 2020, Europe received 51% of Russia’s crude and condensate exports. By 2024, that share dropped to 12%, and in 1H25 it stood at just 11%. Over half of those European exports went to Türkiye.
Meanwhile, Asia and Oceania have become the dominant buyers. In 2020, the region accounted for 41% of Russia’s crude and condensate exports—primarily to China by pipeline. That share jumped to 81% by 2024, with China and India emerging as the top importers.
Exports to China increased by 500,000 b/d between 2020 and 2024, averaging 2.2 million b/d in 2024 and 2.0 million b/d in 1H25. India’s imports surged from just 50,000 b/d in 2020 to 1.7 million b/d in 2024, and 1.6 million b/d in the first half of 2025.
On Aug. 6, U.S. President Donald Trump issued an executive order imposing tariffs on India in response to its continued purchases of Russian oil. The EIA noted that additional sanctions or tariffs could impact future Russian export volumes.
Source: www.worldoil.com
Author: World Oil Staff