Russian Oil Accumulates at Sea: Exports Decline, Budget Revenues Shrink
Marine shipments of Russian oil have been declining for the third consecutive week, reaching the lowest level in the past two months. This drop in exports occurs against the backdrop of intensified sanctions from the United States, which have forced several Asian buyers to reduce their purchase volumes. As a result, over 350 million barrels of crude oil remain on tankers in open waters, which is 7% more compared to the beginning of September. The decrease in export volumes and falling prices have led to the value of Russian oil exports dropping to the lowest levels since August. By the end of October, Russia’s oil revenue decreased by nearly a quarter year-on-year.
This is reported by AgroReview
Search for Alternatives and Changes in the Asian Market
The largest buyers of Russian oil remain China and India; however, even these countries are reducing imports. Indian state-owned oil refining companies are currently negotiating with Saudi Aramco and Abu Dhabi National Oil Company to replace Russian crude with alternative supplies from Saudi Arabia and the UAE. At the same time, India’s largest oil refiner, Indian Oil Corp., plans to purchase batches of oil containing Russian grades ESPO and Sokol early next year.
Global Rejection of Russian Fuel and Increasing Discounts
Brazil is gradually reducing its diesel fuel purchases from Russia. While in 2022 imports from Russia amounted to $95 million, last year this figure rose to $5.4 billion, allowing the country to save about $1 billion. However, in October, the share of Russian diesel in the Brazilian market fell to 17% compared to 60% in the first half of 2025. This was influenced by sanctions, Ukraine’s strikes on Russian oil refineries that reduced supply, and a decrease in the size of discounts on Russian oil products.
Due to the pressure of sanctions, Russia is forced to sell oil at record discounts. For example, on November 10, the discount on Urals grade at the ports of Primorsk and Novorossiysk reached $19.4 per barrel, the highest figure in a year. At the beginning of the month, the discount was $13-14 per barrel.
According to the Russian Ministry of Finance, for the first ten months of the current year, budget revenues amounted to ₽29.68 trillion, which is only 0.8% higher than last year’s figure. At the same time, oil and gas revenues totaled ₽7.5 trillion, demonstrating a decline of 21.4%.
According to estimates from Ukrainian intelligence, by the end of the year, Russia will lose at least $37 billion in budget revenues from oil and gas.