Russian Oil Exports Plummet Amid Ukrainian Strike Threat

Oil exports from Russia's Novorossiysk port have been declining for five consecutive weeks due to the threat of Ukrainian strikes. According to Bloomberg, no oil cargoes were loaded at the key Black Sea port during the week of August 16.

The decline in exports has been significant, with shipments falling to their lowest level since late April. In the four weeks leading up to August 16, exports dropped to 3.58 million barrels per day, according to tanker-tracking data compiled by Bloomberg.

While Ukrainian attacks on Russian oil refineries had previously increased available crude for export, a new wave of strikes has stalled this trend. Ukraine's targeting of vessels and ports used for oil export has likely contributed to the decline.