Oil exports from Russia’s western ports fall 15%

Oil shipments departing Russia's western ports declined by roughly 15% from the projected levels, according to Reuters on August 19, citing industry insiders. The Baltic ports of Primorsk, Ust-Luga, and the Black Sea port of Novorossiysk were initially projected to handle 2.7 million barrels per day in August. However, Novorossiysk's oil exports, encompassing Russian Urals oil and Kazakh KEBCO grade, have dwindled to about 0.4 million barrels per day, down from 0.8-1 million barrels per day in June and July, traders reported.

Reuters also noted that loading procedures at Russian ports are more than two weeks behind schedule, with cargoes intended for export at the close of July only leaving in recent days. On August 11, The Moscow Times stated that fuel predicaments in Russia stemming from recent Ukrainian drone assaults on refineries had impacted no less than 16 regions.

Russia subsequently initiated imports of gasoline from India, Kazakhstan, and Morocco to address the scarcity, the newspaper disclosed. The Moscow Times further indicated that dictator Vladimir Putin's popularity dipped by five percentage points to 66%, the lowest since nearly four years ago.