Maritime supplies of Russian oil have been shrinking for five consecutive weeks amid Ukrainian strikes on energy infrastructure. Last week, shipments fell to 22.38 million barrels. This was reported by Minprom citing Bloomberg, according to the portal PromPolitInform.
A significant decline in export volumes was recorded after a complete absence of tanker loadings at the port of Novorossiysk during the week ending August 16. In total, 31 tankers departed from Russian ports, whereas in the previous period the number of vessels reached 33, and transportation volumes were 23.78 million barrels.
Attacks on logistics infrastructure weaken Russia’s oil sector
While previously the shutdown of Russian oil refineries led to the release of resources for crude exports, Ukraine’s current strategy has changed the trend. Strikes against port facilities and maritime vessels have significantly restricted the sales capabilities of Russian energy products.
The situation negatively impacts production figures, which dropped to 8.89 million barrels per day in July. This level is the lowest in the last six years and significantly lags behind the quotas set within OPEC+.
Logistical difficulties and oil accumulation at sea
Due to the reduction in supplies, the volume of crude oil on loaded vessels at sea has decreased to 94 million barrels. This is the lowest level since September of last year.
At the same time, there are issues with the unloading of tankers at destinations. Specifically, four vessels carrying Urals oil have been waiting to unload near the Egyptian port of Mersa Matruh for about a month and a half.
Illustrative photo: Gordon Leggett / CC BY-SA 4.0
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