Russia Increases Marine Oil Exports to Record Levels for Over Two Years

Marine shipments of crude oil from Russia have reached their highest level in the last 28 months. For the four weeks ending October 12, the average export volume from Russian ports was 3.74 million barrels per day, the highest since June 2023.

This is reported by AgroReview

Impact of Drone Attacks and Increased Production

The primary reason for the record increase in exports has been the need to redirect oil due to the shutdown of several refineries following massive attacks by Ukrainian drones. Since the beginning of August, there have been at least 28 strikes on oil refining facilities, compared to 21 in the first seven months of the year. As a result, a significant portion of the oil that cannot be processed is being exported through Baltic and Black Sea ports.

Additionally, Moscow is gradually increasing production in accordance with the raised quotas under OPEC+ agreements. Since March, the target production level has risen by more than 500,000 barrels per day, which has also contributed to an increase in supply in global markets.

Further Strikes on Russian Refineries

Ukraine continues its sanctions campaign against the Russian oil refining industry. On October 15, drones launched new strikes on two facilities: one in Volgograd and the “Ufaorgsintez” plant in Bashkortostan.

“Marine shipments of Russian crude oil over the past four weeks have risen to a 28-month high amid increased production and drone attacks on refineries, which are forcing volumes to be redirected to export terminals.”