Black Sea Attacks Cut Russian Oil Exports by 4%

Russian oil exports from Western ports are set to decline in July due to repeated Ukrainian attacks in the Black Sea, disrupting loadings at Novorossiysk.

Exports of Urals, KEBCO, and Siberian Light crude from Russia's Baltic ports of Primorsk and Ust-Luga, as well as the Black Sea port of Novorossiysk, are expected to total about 2.6 million barrels per day this month, down around 4% from June.

The attacks on tankers in the Black Sea have forced the suspension of loadings at Novorossiysk and the Caspian Pipeline Consortium (CPC) terminal, with the CPC resuming operations earlier this week only to suspend them again after a new attack on two tankers.