Oil shipments from Russia to the United States, European Union countries, Britain, Japan and South Korea have fallen by 2.2 million bpd since the start of the special operation in Ukraine, but two-thirds of these volumes have already been diverted to other markets (India, China and Turkey). In July, Russian exports to India rose to a new record level of 975 thousand barrels per day.

In July, Russia's crude production was 310 thousand barrels per day lower than the level of production before the conflict in Ukraine began.

According to IEA estimates, Russia will have to find new markets for one million bpd of oil products and 1.3 million bpd of oil. In general, world oil production has reached a maximum since the beginning of the pandemic - 100.5 million barrels per day.

Experts believe that the supply of oil at the market will increase by one million bpd in the second half of the year. They raised the demand estimate by 380 thousand barrels per day for this year.