Russian Crude Exports Hit Year-High 3.89M Barrels Per Day Amid Iranian Competition

According to Jin10 data and Bloomberg shipping data, Russian crude oil exports reached 3.89 million barrels per day in the four weeks through June 21, marking the highest level this year. The increase comes as Iranian crude supply surges into global markets following the release of previously sanctioned shipments, intensifying competition for key buyers including India.

A U.S. sanction exemption on Russian exports expired on June 17. Without renewal, processors may shift to alternative suppliers, potentially limiting Moscow's ability to maintain elevated export volumes amid rising competition from Iranian crude.