Russia's oil exports hit monthly high

According to Bloomberg, Russia’s seaborne oil exports averaged 3.23 million barrels per day (bpd) over the four weeks to July 13, which is a 3% increase from the period ending July 6. Flows reversed the previous week’s drop.

In the first nine days of July, Russia’s oil refineries processed just over 5 million bpd, down by 300,000 bpd from the previous month due to plants’ seasonal maintenance. This likely freed up more crude for export, Bloomberg reports.

Last week to July 13, Russia shipped 25.45 million barrels of oil on 33 tankers. That's up from 22.96 million barrels the week before.

However, buyers of Russian fuel may face challenges in the future. US President Donald Trump has threatened to impose tariffs on Russia’s commodity exports. Additionally, the EU plans to adjust its price cap above which cargoes cannot be carried on the bloc’s ships.