Russia's energy sector is experiencing its most severe blow since the start of the full-scale war. According to Bloomberg, Russia's seaborne exports of oil products have fallen to 1.89 million barrels per day – the lowest level in three years. This is reported by UNN.
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The reasons for this include disruptions at oil refineries, Western sanctions pressure, and Ukrainian drone attacks on fuel infrastructure facilities.
According to analytics from Vortexa Ltd., fuel supply volumes have fallen even despite an increase in diesel exports. The largest reduction was recorded in the Baltic ports, particularly in Ust-Luga, where drone attacks paralyzed the operation of the export hub. The situation was further complicated by weather conditions, which delayed some vessels.
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The new drop in exports is a serious financial blow to Moscow, which is trying to maintain stable revenues from energy resources. Western sanctions, especially against Rosneft and Lukoil, are forcing traders to change routes and supply schedules, preparing for the entry into force of a new package of US restrictions on November 21.
In the near future, Russia will maintain relative stability in the supply of diesel fuel, which is mainly exported to Turkey and African countries. At the same time, oil and fuel oil remain most vulnerable due to long routes to Asia, which often face the risk of delays or blockages.
Due to the cessation of official statistics publication, traders rely on sea transportation to assess the real level of production. According to Bloomberg, last week crude oil exports fell by 3% – to 317 thousand barrels per day, and supply volumes from the Baltic remain limited after attacks on Ust-Luga, which provides more than 60% of all Russian exports.
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