Russian Crude Oil Exports Hit Lowest Level Since May

Overseas crude oil shipments from Russia fell to 3.71 million barrels a day in the four weeks ending August 9, marking the lowest volume since late May. The decline followed a brief lull in Ukrainian drone strikes on Russian refineries, which allowed processing plants to repair facilities and increase domestic production, diverting crude away from the export stream.

Ukraine has since resumed targeting energy infrastructure, hitting seven refineries in early August. Ukrainian attacks on tankers in the Black Sea further hampered exports, reducing loading at the port of Novorossiysk to approximately half of its peak levels. Similar declines occurred at the Baltic port of Ust-Luga, where loading operations dropped to about half the volume recorded two weeks prior.

These maritime disruptions prompted Turkey to briefly restrict ship transits through the Turkish Straits. Despite the drop in shipment volumes, the gross value of Russian exports remained steady at $1.7 billion per week, supported by rising prices for benchmark Urals crude.