Russia is cashing in on soaring oil prices right now, but it may not be able to for much longer — its exports are drying up

Russia's seaborne crude exports are dropping in a sign that the country's energy supplies are diminishing.

India and China now make up 50% of the country's seaborne oil exports, thanks to the fact that Asia snapped up discounted Russian oil in lieu of sanctions.

Due to sanctions and boycotts, Russian crude oil is more expensive on the spot market than other grades, but this year energy prices have gone up, which has boosted sales for the country. The country's oil and gas sales are expected to increase by 20% in the next four years.

Russian seaborne crude exports have fallen more than 15% on a weekly and four-week average basis from the highs they saw in May. Russia's oil export revenues increased by 11% in that month.

In the four weeks leading up to July 1, Russia's crude shipments averaged 3.46 million barrels a day, down from a peak of 3.8 million barrels a day in the four weeks leading up to April 29.

The outlet reported that shipments to Asian countries other than China and India have dried up due to a decline in demand. In the four weeks to mid-April, the region's share of Russia's total seaborne exports went from a high of 32% to a low of 22%.

Russia lost a lot of the European market for its oil after the EU decided to cut imports by the end of the year. Russia's oil output could fall by 18% by the end of the year, according to the US Energy Information Administration.

After Russia missed its oil-production target, the organization considered removing the country from the agreement. An official from the Organization of the Petroleum Exporting Countries told the Wall Street Journal that it wasn't right for Russia to have to stick to its quota.