Russia's Oil Exports Slump Amid US Sanctions and Saudi Competition

Russia's crude oil shipments have declined in recent weeks as US sanctions and increasing Saudi supplies intensify competition in key markets. According to tanker-movements data compiled by Bloomberg, Russia's overseas crude volumes dropped to 3.53 million barrels a day over the four weeks through September 20.

The weekly measure showed a larger decrease due to a halt of cargoes departing from the Black Sea port of Novorossiysk.

This comes as new US sanctions on Russia's oil industry are set to take effect, and Saudi supplies are gradually being restored after a temporary disruption. The increased competition has put pressure on Russia's oil exports, which have been a vital source of revenue for the country.