Overview
- In June, Russia exported about 4.13 million barrels per day by sea, the highest monthly seaborne flow since the 2022 invasion.
- India took a record share of those barrels, receiving roughly 2.7 million bpd in June and making Russian crude more than half of its imports for the month.
- Higher volumes have not raised income for Moscow and export earnings fell to about $1.9 billion per week as Urals sold at deep discounts to global benchmarks.
- The boom in shipments created roughly 133 million barrels of floating storage and tanker congestion near trading hubs, a sign that buyers are strained or slow to take delivery.
- Ukrainian attacks on refineries reduced Russian gasoline output by about 25% year on year by mid‑June, prompting imports from India and larger rail deliveries from Belarus and new Russian tax and subsidy steps to secure monthly fuel shipments.