Russia Sees 4% Jump in Western Port Crude Exports Amid Refinery Attacks

Russia's western ports are poised to see a 4% increase in crude oil exports for August, according to traders familiar with the matter. The rise is attributed to Ukrainian drone attacks on refineries, which have reduced domestic refining capacity and diverted more crude to export markets.

Exports from the Baltic Sea ports of Primorsk and Ust-Luga, along with Novorossiysk on the Black Sea, are expected to reach approximately 2.7 million barrels per day in August. This is up from 2.6 million barrels per day in July, when repeated Ukrainian strikes disrupted loadings at Novorossiysk.

The attacks have forced more supply onto export markets, with traders noting that loading capacity at the ports is nearing its ceiling. However, continued attacks and a shortage of available tanker tonnage could cap export volumes.