Russia’s crude oil exports from its western ports in February are set to fall by 8% versus January’s plan as Moscow increases refining, two traders said and Reuters calculations showed, after the latest U.S. sanctions squeezed crude exports.
Russia’s crude exports have weathered a series of sanctions since 2022 but the latest sanctions have created some of the biggest challenges to sustaining those flows.
Overall oil exports in February from the western ports of Primorsk, Ust-Luga and Novorossiisk are seen at 1.6 million barrels per day (bpd), down from 1.73 million bpd in January’s plan, Reuters calculations show.
The February figure could go higher, traders said, if recent Ukraine’s drone attacks on Russian refineries means more crude is earmarked for export.
Russia’s Ryazan oil refinery suspended operations after an attack late last week, two industry sources told Reuters.
Russia’s crude exports via Baltic ports are still curbed due to technical issue in Ust-Luga. The port cut oil loadings by half of capacity in January to a four-year low partly due to technical issues on Transneft’s pipeline system.
“Oil supplies via the Druzhba pipeline and to Ust-Luga in February will rise, but they still remain below capacity,” one of the sources said.
Source: Reuters
