Russian Crude Exports Drop to Lowest Since May
Russia’s seaborne crude exports fell to their lowest level since May as recovering refinery runs pulled barrels back into domestic processing and attacks disrupted loading at key ports. Russia shipped 3.71 million barrels per day in the four weeks through August 9, according to vessel-tracking data compiled by Bloomberg. Shipments averaged just 3.25 million bpd in the latest week, down from 3.5…
Russia's seaborne crude exports plummeted to their lowest point since May, as rising refinery runs prompted barrels to return to domestic processing and attacks disrupted loading at major ports. According to Bloomberg's vessel-tracking data, Russia shipped 3.71 million barrels per day over the four weeks ending August 9. However, shipments averaged only 3.25 million bpd in the most recent week, a decline from 3.5 million bpd the previous week.
This drop occurred just days after reports indicated Russian crude and condensate production increased by around 100,000 bpd in July, reaching over 9 million bpd, due to stronger exports and a refinery throughput recovery. Refineries experienced a brief respite from Ukrainian attacks in the latter half of July, allowing them to carry out repairs and boost processing.
Consequently, more crude was directed towards refineries instead of tankers. Ukraine intensified their attacks on Black Sea tankers and storage facilities during this lull. Novorossiysk, one of Russia's principal Black Sea export hubs, has been operating at roughly half its maximum crude-loading capacity following attacks on tankers near the port.
Turkey also imposed temporary restrictions on some Black Sea traffic. Meanwhile, Baltic loadings at Ust-Luga were running at approximately half the volume seen two weeks prior. Ukraine attacked five Russian refineries during the first week of August and two more this week, hinting at the possibility of additional crude being diverted from processing back into exports.
Russia had anticipated a rise in August shipments from western ports as refinery outages created additional barrels. However, limited tanker availability in the Black Sea, constrained port capacity, and persistent attacks are hindering the loading and transit process. Year-to-date seaborne flows remain at 3.62 million bpd, approximately 280,000 bpd higher than last year's average.
Despite a decline in Russia's seaborne crude, shipments still totaled about 107 million barrels, benefiting from strong deliveries to India.
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