**Russian Oil Exports Decline to Three-Year Lows in August**
Russian oil exports reached their lowest level in three years in August 2024, as indicated by the International Energy Agency (IEA) based on trade data from Kpler and Argus Media. The monthly decline resulted in a total of 7 million b/d, a drop of 290,000 b/d from the previous month and the lowest volume since March 2021.
### Key Trends in Russian Oil Exports
1. **Crude Oil Exports**: Crude exports specifically suffered a seasonal contraction of 270,000 b/d to 4.4 million b/d, marking a decline of 270,000 b/d on a yearly basis.
2. **Product Exports**: In contrast, product exports remained relatively stable at 2.65 million b/d year-over-year, despite the summer demand uptick and stagnant refinery runs. A 240,000 b/d drop in light product exports offset a 230,000 b/d rise in fuel and Vacuum Gas Oil (VGO) loadings, primarily due to conversion unit outages following drone attacks.
3. **Price Downturn**: The weighted average price of Urals crude dropped by $3.50 to $4.00 per barrel to $68.30 per barrel. This decrease narrowed the gap between Urals and the G7 price cap, but trailed the decline in North Sea Dated crude, indicating better valuations for sour crudes compared to sweet ones in the international market.
4. **Export Destinations**: The 250,000 b/d of products sent to unknown destinations added uncertainty to export volume estimates. A significant fall in exports to India and Turkey (-310,000 b/d and -190,000 b/d respectively) primarily due to forthcoming refinery maintenance, which may undermine demand for Russian exports in September.
5. **Revenue Impact**: Overall commercial export revenues decreased by $1.6 billion month-over-month to