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Exports

Shift in Russia's Crude Oil Exports Driven by Sanctions and Changing Destinations

Strategic Insights

— 2 min read

Russia's crude oil and condensate exports have undergone significant changes in response to sanctions and shifting global markets. From 2020 to 2024, Russia's average crude oil and condensate exports remained relatively high, at 5.0 million barrels per day (b/d). However, the destination of these exports has shifted dramatically, with Europe's share decreasing from 51% in 2020 to 11% in the first half of 2025 (1H25). Meanwhile, exports to Asia and Oceania increased from 41% in 2020 to 81% in 2024, with China and India becoming the largest importers of Russia's crude oil and condensate.

Key Takeaways:

  • Russia's crude oil and condensate exports averaged 5.0 million b/d from 2020 to 2024, with a slight decrease to 4.3 million b/d in the first half of 2025 (1H25).
  • The destination of Russia's crude oil and condensate exports has shifted, with Europe's share decreasing from 51% in 2020 to 11% in 2024 and 1H25.
  • Asia and Oceania received 41% of Russia's crude oil and condensate exports in 2020, increasing to 81% in 2024.
  • China became the largest importer of Russia's crude oil and condensate, averaging 2.2 million b/d in 2024 and 2.0 million b/d in 1H25.
  • India became the second-largest recipient of Russia's crude oil and condensate exports, increasing from 50,000 b/d in 2020 to 1.7 million b/d in 2024 and averaging 1.6 million b/d in 1H25.
  • The U.S. imposed tariffs on India for continued exports of Russia's oil, which may affect export volumes out of Russia.

Statistics:

  • Russia's average crude oil and condensate exports from 2020 to 2024: 5.0 million b/d.
  • Russia's crude oil and condensate exports in 2024 and 1H25: 4.8 million b/d and 4.3 million b/d.
  • Europe's share of Russia's crude oil and condensate exports in 2020 and 2024: 51% and 12%.
  • Asia and Oceania's share of Russia's crude oil and condensate exports in 2020 and 2024: 41% and 81%.
  • China's average crude oil and condensate imports from Russia in 2024 and 1H25: 2.2 million b/d and 2.0 million b/d.
  • India's average crude oil and condensate imports from Russia in 2024 and 1H25: 1.7 million b/d and 1.6 million b/d.

Sources:

  • U.S. Energy Information Administration analysis based on Global Trade Tracker, Argus, and Vortexa
  • Note: Data for 2025 are preliminary.
  • U.S. Energy Information Administration, "Russia's Crude Oil and Condensate Exports, 2020-2025"

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