Russia’s Crude Deliveries Plunge as US Sanctions Begin to Bite

Russia’s seaborne crude shipments fell sharply, dropping by the most since January 2024, as the latest US sanctions led key buyers to shy away from Moscow’s oil. Cargo discharges have been hit even harder than loadings, with oil on the water surging.

Four-week average volumes from the country’s ports were 3.58 million barrels a day to Nov. 2, according to vessel-tracking data compiled by Bloomberg, down by about 190,000 from the revised figure for the period to Oct. 26. The average provides a clearer picture of underlying trends than more volatile weekly figures, which also sank.

The slump in flows hit Moscow’s oil revenue, which fell to the lowest since ...