Russian oil exports fall to lowest since April as Black Sea flows halt

No crude loaded at Novorossiysk in the week to Aug. 16 as drone attacks threatened ports and ships.

Russia’s seaborne crude exports fell for a fifth consecutive week to their lowest level since late April as drone attacks disrupted Black Sea shipments, Bloomberg tanker data showed.

Exports averaged 3.58 million barrels a day in the four weeks through Aug. 16. The five-week decline was the largest over any comparable period since Russia invaded Ukraine.

No crude cargoes loaded at Novorossiysk during the latest week after an attack on the port’s Sheskharis terminal. Some other berths resumed operating over the weekend.

Russian crude production fell to 8.89 million barrels a day in July, the lowest in six years and nearly 1 million barrels below the country’s OPEC+ allowance, according to secondary-source estimates published by OPEC.

Thirty-one tankers loaded 22.38 million barrels in the week to Aug. 16, down from a revised 23.78 million barrels on 33 vessels a week earlier.

Russia’s crude at sea declined to about 94 million barrels, the lowest since September. Four Urals cargoes remained anchored off Egypt, while some other Russian shipments waited weeks for ship-to-ship transfers.

The four-week average value of Moscow’s exports was little changed at $1.71 billion a week because higher crude prices largely offset lower volumes.

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