On Wednesday, November 11, it was reported that Russia’s total crude oil exports for October averaged 2.794 million barrels per day—a 36.6% decrease from the previous month and a 30% decline compared to October 2025. This drop was driven primarily by a sharp fall in exports to India, though exemptions from U.S. sanctions provided some level of support.
As a major global crude oil exporter, Russia saw its October export volumes fall by 36.6% month-on-month and 30% year-on-year. This significant contraction in global crude oil supply has provided strong support for spot crude prices. While U.S. sanctions exemptions have helped cushion the impact on Russian exports—thereby tempering the severity of the supply contraction—the overall trend remains favorable for crude oil prices. Consequently, futures markets have shown strength, bolstered by expectations of tightening supply.
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