In 2024, Russian oil exports experienced a year-on-year decline of 2.2%, totaling 295.12 million tons, according to recent data. A sharp drop was recorded in December, with shipments decreasing by 11.2% compared to the same month in 2023, amounting to 23.4 million tons. These figures encompass volumes transported via the Transneft system, independent deliveries, and transit oil from Kazakhstan.
Pressure on Oil Companies
Among Russia’s leading oil producers, Tatneft faced the steepest reduction, with export volumes falling by 7.5% to 7.98 million tons. LUKOIL also saw a significant decrease of 6.39%, shipping 32.5 million tons, while Rosneft posted a marginal decline of 0.71%, exporting 78.35 million tons.
In contrast, Gazprom Neft reported an increase in shipments, up by 2.7% to 18 million tons. Meanwhile, operators under production-sharing agreements (PSA), such as Sakhalin-1, Sakhalin-2, and Kharyaga, collectively exported 12 million tons.
Routes to Europe and Asia
Exports through the port of Kozmino, a hub for premium East Siberia-Pacific Ocean (ESPO) crude, grew by 4.5% in 2024, reaching 44.7 million tons. Key buyers on this route included China and India.
However, shipments through Europe-oriented ports experienced a decline. Exports via Novorossiysk dropped by 6.1% to 27.21 million tons, while volumes through Ust-Luga fell by 1.43% to 33.57 million tons.
Sanctions and the “Druzhba” Pipeline
Sanctions pressure on the Druzhba pipeline led to mixed export results. Shipments to the Czech Republic fell dramatically by 35.25%, totaling 2.7 million tons, with Rosneft as the sole supplier. Deliveries to Slovakia dropped by 13.3% to 4.6 million tons, despite growth in shipments by LUKOIL (up 1.9x to 1.36 million tons) and Tatneft (+19.8% to 2.3 million tons).
Hungary displayed a different trend. While LUKOIL’s exports to Hungary fell by 40.8% to 882,700 tons due to Ukrainian sanctions, total Russian exports to the country rose slightly by 0.5% to 4.78 million tons. This increase was driven by a 54% surge in Tatneft’s shipments, which reached 1.91 million tons.
Kazakhstan’s Growing Role
Kazakhstan’s oil transit through Russia expanded notably. Deliveries to Germany via the northern branch of the Druzhba pipeline surged by 37.1%, totaling 1.36 million tons. Overall, Kazakhstan exported 67.78 million tons of oil through Russian infrastructure in 2024.
This article offers a detailed overview of the dynamics in Russian oil exports amid fluctuating global demand, sanctions, and shifting trade routes.
