Oil Exports from Russia Drop to 3.46 Million Barrels per Day

Russia's crude oil exports have fallen to 3.46 million barrels per day due to Ukraine's attacks on oil refineries and Black Sea ports. This hampers the rerouting of oil for export. Previously, Moscow compensated for the shutdown of refineries by increasing exports, but drone strikes have reduced shipments from Novorossiysk. Russia has begun rerouting Kazakh oil to the Black Sea to free up capacity at the Baltic port of Ust-Luga. Ongoing attacks on refineries have led to a decline in processing and a shortage of gasoline and diesel in the country. OPEC estimates Russia's oil production at 8.89 million barrels per day, the lowest level in six years. The volume of Russian oil on tankers at sea has decreased to 83 million barrels, the lowest in the past year. The average four-week gross export value has dropped to $1.65 billion per week, which is $80 million less compared to the previous period. In the first half of August, Russia exported about 2.3 million barrels of oil per day through western ports, which is 15% less than the planned volume.

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