Russia's Oil Exports Plummet as Ukrainian Attacks Disrupt Black Sea Port
Russia's oil exports are experiencing a significant decline due to Ukrainian attacks on its key Black Sea port of Novorossiysk.
The port, which handles Russian Urals and Kazakhstan's KEBCO crude, has seen exports fall to around 400,000 barrels per day in the first half of August, down from between 800,000 and 1 million barrels per day in June and July.
This marks a five-week slump in oil shipments from Russia's western ports, with Bloomberg reporting an average of 3.58 million barrels of crude shipped by sea in the four weeks to Aug. 16, the lowest level since late April.
The disruption at Novorossiysk has led to a shift in Russian crude exports from the Baltic port of Ust-Luga to Novorossiysk, freeing up Baltic capacity for Russian oil while relying on Kyiv's pledge not to target non-Russian cargoes in the Black Sea.