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Russian Oil Exports Hit By Novorossiysk Port Woes
19 Aug
Summary
- Russian oil shipments fell 15% in early August.
- Disruptions at Novorossiysk port caused the decline.
- Ukraine's energy infrastructure targets are a factor.
Oil shipments originating from Russia's western ports have experienced a significant drop, falling to approximately 2.3 million barrels per day during the first half of August. This represents a 15% decrease from the initial loading plan for the month.
The primary cause for this reduction is ongoing disruptions at the Black Sea port of Novorossiysk. This situation highlights the increasing difficulties Russia faces in sustaining its oil exports amidst targeted actions against its energy infrastructure by Ukraine.
Exports from key ports including the Baltic Sea's Primorsk and Ust-Luga, and the Black Sea's Novorossiysk, were originally projected to reach around 2.7 million barrels per day in August. However, loadings are now more than two weeks behind schedule.
To mitigate risks associated with potential attacks on Russian cargoes in the Black Sea, Russia has been rerouting Kazakhstan's crude oil exports. These shipments are now being directed from the Baltic port of Ust-Luga to Novorossiysk, aiming to increase capacity for Russian oil exports from the Baltic region.
