Bloomberg: Russian Oil Exports To Turkey Collapsed

The Kremlin is losing money.

Russia cut its oil exports by 4% in January-July 2025 compared to the same period in 2024, according to Bloomberg.

Russian oil shipments are also declining in July, according to the publication. From June 29 to July 27, Russian "black gold" offshore shipments averaged 3.22 million bpd, down about 3% from June 22 to July 20. In particular, Russian oil exports to Turkey fell to a 12-week low during the period.

It is noted that the weekly profit from Russian oil exports for the period from July 21 to July 27 fell by $230 million, to $1.14 billion. At the same time, the most popular export grade of oil of the Russian Federation - Urals - is getting cheaper. Oil from the Baltic and Black Seas fell by about 50 cents per barrel, to an average price of about $58.60 per barrel during the week.

At the same time, journalists note that the reduction in supplies may be partly due to Russia's fulfillment of its commitments to OPEC+ to limit oil supplies.

"Whether this is the reason will become clear in October, when the country will theoretically be allowed to produce significantly more," journalists note.

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