Russia's February oil exports from its western ports drop by 8% due to sanctions
www.pravda.com.ua
Wed, 29 Jan 2025 21:36:55 +0200
Russias crude oil exports from its western ports are expected to decline by 8 in February compared to Januarys plan, as Moscow ramps up oil refining.
Reuters calculations indicate that exports dropped by 8 following recent US sanctions.
Source Reuters Details Despite enduring a series of sanctions since 2022, Russias oil exports now face some of their biggest challenges due to the latest restrictions.
The total oil exports from Russias western ports Primorsk, UstLuga and Novorossiysk are projected to reach 1.6 million barrels per day in February, down from 1.73 million barrels per day in Januarys plan.
Traders say that Februarys exports could still increase if recent attacks by Ukrainian drones on Russian oil refineries result in more oil being redirected for export.
One of Russias major refineries, the Ryazan refinery, halted operations after a drone attack last week.
Exports through Baltic ports remain constrained by technical issues at UstLuga.
In January, the port reduced oil loading to half its capacity, reaching a fouryear low due to problems in the Transneft pipeline system.
Oil supplies via the Druzhba pipeline and to UstLuga in February will rise, but they still remain below capacity, a source told Reuters.
Background Russias export of petroleum products in January reached an 11month high despite the introduction of new US sanctions targeting the countrys energy sector.
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