RSS feed source: US Energy Information Administration

In-brief analysis

August 7, 2025

Data source: U.S. Energy Information Administration analysis based on Global Trade Tracker, Argus, and Vortexa
Note: Data for 2025 are preliminary. 1H25=first half of 2025. figure data

From 2020 to 2024, crude oil and condensate exports from Russia averaged 5.0 million barrels per day (b/d). Exports from Russia in the first half of 2025 (1H25) were 4.3 million b/d (compared with 4.8 million b/d in 2024). Even as crude oil export volumes from Russia have remained relatively high, the destination of these exports has shifted, mainly due to sanctions related to Russia’s full-scale invasion of Ukraine in February 2022.

Europe received 51% of Russia’s crude oil and condensate exports in 2020. However, this volume fell to 12% in 2024 and 11% in 1H25. Over half of Russia’s exports to Europe went

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RSS feed source: US Energy Information Administration

In-brief analysis

August 6, 2025

Data source: CME Group, Bloomberg L.P.
Note: Refinery margin is calculated as the 3-2-1 crack spread on the U.S. Atlantic Coast, which represents the price of two barrels of gasoline and one barrel of distillate fuel oil minus three barrels of Brent crude oil. 2Q25=second quarter of 2025

Energy prices—along with other globally traded commodities, equities, and currencies—were more volatile in the second quarter of 2025 (2Q25) amid significant uncertainty from concerns over economic growth as well as geopolitical tensions in the Middle East. The geopolitical uncertainty has affected crude oil prices and refinery margins, and shifting government policies have affected biofuel compliance credit prices.

Crude oil prices
After adjusting for inflation, the Brent crude oil price decreased from nearly $75 per barrel (b) at the beginning of April to $64/b in

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