Russian Oil Exports Poised to Surge Amid Drone Attacks

Russia's oil exports from its western ports are poised to increase by 4% in August compared to July, according to traders.

The surge is attributed to drone attacks on domestic refineries making more crude available for export, while strong demand in Asia continues to encourage sellers to load more oil.

Exports from the Baltic ports of Primorsk and Ust-Luga, along with the Black Sea port of Novorossiysk, are set to reach around 2.7 million barrels per day in August, preliminary data collected by traders suggests.

A major factor contributing to the increased export volumes is Ukraine's attacks on Russia's refineries, which have resulted in less oil being processed and thus more crude available for export.