Last month Russian crude oil export to non-FSU countries dropped by approximately 400 000 b/d, this is before the announced shipment cuts in August of 500 000 b/d as a measure to help stabilize the market. The narrowing discount for Russian Urals blend has started trading above the price cap set by the G7 countries.
According to recent data Russian crude oil export to non-FSU countries, including export via the national pipeline system Transneft was down to approximately 4.3 Mbpd in July from 4.7 Mbpd in the month of June. The decline in export to non-FSU countries was somewhat offset by higher inputs to domestic refineries, which increased to 5.7 Mbpd, up 170 000 b/d from the previous month.
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