According to Bloomberg data published on Monday, which consistently shows a level of 500,000 barrels per day less than the peak attained before February 2022, Russia’s oil shipments appear to have stabilised.

According to Bloomberg, Russian seaborne crude exports hit 3.5 million barrels per day (bpd) in the week ending July 29. The four-week average shows roughly 3.2 million bpd, a level that suggests stabilisation.

Bloomberg also stated last week that there were signs that Chinese and Indian importers were easing off a little bit on their purchases of Russian oil. Following the invasion, Russia’s crude exports to Asia have been stable as its oil exports reached 2.1 million bpd in April and May, but as of July, the flow has levelled out at 1.75 million bpd.

The G7 is attempting to move forward with its proposal to set a price restriction on Russian oil, with the possibility that this may be implemented by December 5th, when the European Union bans seaborne crude imports from Russia, according to new data from Bloomberg on the country’s oil outflow.

The cap on oil prices is intended to decrease Russia’s income and, as a result, the value of its war reserve. For the price ceiling plan to be fully effective, India and China would need to support it. Additionally, Moscow would have to comply, which is unlikely to happen.

China, which has hesitated to criticize Russia’s invasion of Ukraine, is unlikely to accede to the West’s plans. Moscow has already declared it will not cooperate and will not supply to any nation agreeing to a price restriction.