Official data revealed a sharp decline in Russia’s weekly crude exports in the first week of July, reaching their lowest level since February of this year.

This is partly due to Russia’s compliance with the OPEC+ agreement to cut production as well as the recovery in refinery operations.

The data indicates a decline in crude shipments from almost all Russian export terminals except Murmansk and Prigorodnoye terminal.

Rosneft and Lukoil, the two largest exporters of crude oil in Russia, reduced their shipments from the port of Novorossiysk by 200,000 barrels per day this month compared to last month.

Exports were also affected by the sanctions imposed on Russia, as the majority of ships that Moscow relies on to ship its oil remain grounded.

Despite the decline in exports, the rise in crude oil prices helped offset some of the losses.

However, Russia’s weekly revenues from crude oil exports remain below their levels at the beginning of the year.

Exports are expected to rise in the coming weeks as the destinations of some shipments that remain unspecified become clear. Turkey remains the only remaining European destination for seaborne Russian crude oil exports.