Russia’s crude oil exports have declined for the third consecutive week, reaching a seven-month low.

The four-week average exports have dropped by 620,000 barrels per day since April’s peak, with Baltic port shipments decreasing by 41% since mid-June. This reduction is likely due to Russia’s improved compliance with OPEC+ output targets and increased domestic refining activity.

However, a recent Ukrainian drone attack on a refinery and scheduled maintenance at Ust-Luga port may further impact export volumes in the coming weeks.