Russia Boosts Oil Exports to Offset Refinery Losses After Ukrainian Drone Strikes
Russia has ramped up its crude oil exports to the highest levels in more than a year as Ukrainian drone attacks cripple key refineries, forcing Moscow to redirect oil flows to its export terminals.
The Gaze reports this, referring to Bloomberg, citing tracking data.
Over the past four weeks, Russia’s seaborne crude shipments have averaged 3.57 million barrels per day, just 80,000 barrels below the highest level since May 2024.
The increase comes as Ukraine intensifies its campaign against Russian energy infrastructure, targeting at least 15 refineries in the country’s European regions in recent months.
According to JPMorgan Chase & Co., these attacks have driven Russia’s oil-processing volumes below 5 million barrels per day – their lowest since April 2022.
The resulting capacity losses have led to a sharp rise in unrefined crude exports, which have grown by around 500,000 barrels per day since mid-August.
However, Russia’s ability to further expand exports is nearing its limits. Bloomberg notes that key export hubs, Primorsk on the Baltic Sea and Novorossiysk on the Black Sea, are already operating close to full capacity, while Ust-Luga, another Baltic terminal, still exports significantly less than its October 2024 peak.
Combined, these three ports have only 165,000–265,000 barrels per day of available spare capacity.
The report also estimates that Russia’s weekly oil export revenue averaged $1.43 billion in the four weeks to October 5, about $34 million lower than in the previous period due to price fluctuations among different crude grades.
Energy analysts warn that if Ukrainian strikes continue and sanctions remain in force, Russia’s oil and gas sector will face deep structural decline with shrinking production, reduced refining capacity, and mounting economic losses.
As The Gaze reported earlier, Commander-in-Chief of the Armed Forces of Ukraine (AFU) Oleksandr Syrskyi stated that in September, Ukrainian unmanned aerial systems (UAS) struck 66,5 thousand enemy targets.