Russian crude exports jump 8% on sanctions relief, supply fears

Russia's seaborne crude exports rose 8% in April as US sanctions relief and concerns over the Middle East conflict drove buyers to diversify sources, despite potentially lower demand from India and China.

The country's exports by sea in April reached 3.949 million b/d, a six-month high and up from 3.67 million b/d in the same month of 2025, data from S&P Global Commodities at Sea showed May 5.

April exports to India fell 29% month over month to 1.029 million b/d, exports to China fell 8% to 964,000 b/d and exports to Turkey fell 40% to 122,000 b/d. China and India have accounted for the lion's share of exports amid international sanctions on Russia for its full-scale invasion of Ukraine in February 2022, CAS data showed.

The figures could be revised upwards later as large quantities of Russian crude are earmarked for transshipment centers. Exports to Singapore totaled 444,000 b/d in April, up 134% month over month, the CAS data showed. Exports to Egypt rose to 707,000 b/d from 223,000 b/d.

The US Department of the Treasury has authorized the delivery and sale of Russian crude and petroleum products loaded on vessels until May 16, as the Middle East conflict continues to disrupt oil supplies, the Treasury said in a general license April 17. The waiver does not apply to transactions involving Iran, North Korea or Cuba.

This came after a previous monthlong waiver on some Russian oil sales that expired April 11, with US Treasury Secretary Scott Bessent indicating on April 15 that it would not be renewed.

Looking ahead, Russia and its other partners in the seven OPEC+ oil producers implementing voluntary crude production cuts agreed on May 3 to increase quotas by 188,000 b/d for June, despite output tumbling during the conflict in the Middle East.

Russia does not plan to leave OPEC+, Kremlin spokesperson Dmitry Peskov said April 29 in a press briefing posted on the government's Telegram channel, after the UAE unexpectedly announced plans to leave the alliance April 28, citing "national interests."

Russian Deputy Prime Minister Alexander Novak said April 30 that he does not see a risk of an oil price war, after the UAE announced its plan to leave OPEC and OPEC+, state-owned Tass news agency reported.

"In the current situation, how can there be a price war, when there is a shortage on the market?" Novak told reporters, according to the report.

Platts, part of S&P Global Energy, assessed Urals on a FOB basis at Primorsk at an average discount to Dated Brent of $30.15/b through April, down a touch from a discount of $32.63 to the North Sea assessment in March.

Products under fire

Russian product exports in April totaled 2.127 million b/d, 1% below March's 2.146 million b/d, CAS data showed. This came amid attacks on infrastructure and mounting government concerns over domestic supplies.

Even so, exports of products to Egypt in April rose 129% month over month to 498,654 b/d and exports to Turkey rose 43% month over month to 441,485 b/d.

Exports to Singapore in April fell 47% month over month to 170,585 b/d.

Ukrainian drones struck a sanctioned product tanker in the Black Sea as part of the country's military campaign against Russia's energy and logistic infrastructure, Ukraine's Ministry of Defense said April 29.

The ship attack followed three Ukrainian drone attacks on Russia's 240,000 b/d Tuapse refinery within the space of two weeks, with the latest one damaging export-oriented storage facilities on April 28.