Russian Oil Exports Hit Lowest Level Since March

Russian overseas crude oil flows fell to 3.59 million barrels a day in the four weeks ending October 18, the lowest shipment levels since March. The decline resulted primarily from a temporary loading halt at the Primorsk terminal near St. Petersburg, likely for maintenance, which offset shipment recoveries at the port of Novorossiysk. According to OPEC data, overall Russian crude production in September reached 8.64 million barrels a day, the lowest level since mid-2020.

Donald Trump waived new sanctions on Russian oil and reached an agreement with President Vladimir Putin to lift restrictions on diesel shipments. Trump has pressured Ukrainian President Volodymyr Zelenskyy to cease drone attacks on Russian refineries, noting that such strikes force Moscow to divert unprocessed crude into the export market.

Despite this diplomatic pressure, Ukraine resumed drone attacks on Russian oil infrastructure, which forced a processing unit at the Ryazan plant to halt operations.