Russia's seaborne oil exports hit their lowest level in 7 months

• Russia's seaborne crude exports just dropped to their lowest mark since January, Bloomberg data shows. 
• In July, Russia's seaborne exports averaged 2.98 million barrels a day, down more than 900,000 barrels a day from May's peak.
• The Europe Union's oil import ban and price cap took hold at the end of 2022.

In July, Russia's seaborne crude exports dropped to their lowest mark in seven months, Bloomberg data shows.

Russia shipped an average of 2.98 million barrels a day in the four weeks to July 30, down roughly 900,000 barrels a day since May's peak. According to Bloomberg, flows for the month were more volatile on a weekly basis, and exports coming out of the Arctic matched previous record highs.