Russia’s Oil Exports Plunge After Drone Strikes, Refining Capacity Hit
In September, Russia’s seaborne oil product exports experienced a 17.1% drop, totaling 7.58 million metric tons, due to Ukrainian drone attacks disrupting refinery operations. The strikes caused unplanned outages at key facilities operated by Surgutneftegaz, Lukoil, and Rosneft, resulting in reduced fuel shipments. Exports from various port regions decreased, while analysts suggest that continued attacks undermine Russia’s fuel production and could lead to prioritization of domestic supply. This follows a previously reported 9.1% decline in seaborne oil product exports for 2024, attributed to the aforementioned factors.
John Q. Hosedrinker