Russia Boosts Oil Exports as Drone Strikes Cripple Refineries
Russia’s seaborne oil exports have surged to their highest level in 16 months, as Ukrainian drone attacks continue to disrupt domestic refining.
The Gaze reports this, referring to Bloomberg.
Tracking data shows that shipments from Russian ports averaged 3.62 million barrels per day in the four weeks to September 21 – the strongest pace since May 2024.
At the same time, refinery throughput in Russia fell below 5 million barrels a day, its lowest level since April 2022, according to JPMorgan estimates.
Typically, August and September output hovered around 5.4 million barrels a day, meaning the strikes have cut at least 7% of fuel production.
So far, the attacks have had little impact on flows to export hubs on the Baltic and Black Sea. The Primorsk terminal in the Baltic loaded a record 12 cargoes last week.
Analysts note that while damage to pumping stations may reduce throughput, storage tanks at ports are helping Russia maintain export levels during repairs.
Moscow has also raised crude production under its OPEC+ commitments, increasing output by more than 400,000 barrels a day since March. With refining capacity constrained, producers appear to be diverting additional volumes to overseas markets.
The value of Russia’s weekly oil exports rose slightly to $1.33 billion, up about $50 million from the previous week.
Prices for Urals crude from Baltic and Black Sea ports averaged $54.65 and $54.78 per barrel, respectively. The ESPO grade climbed to $62.91, while deliveries to India rose to $65.29 a barrel, which is the highest in six weeks.
Ukraine has intensified drone strikes on Russian energy infrastructure in recent months, with President Volodymyr Zelenskyy saying successful hits demonstrate Kyiv’s expanded use of long-range unmanned systems.
As The Gaze previously reported, on the night of September 23, units of the missile forces, artillery, and unmanned systems forces of the Armed Forces of Ukraine struck important Russian infrastructure targets.