Russian Western Port Oil Shipments Slip 15% Below August Target
Russian oil exports from western ports fell 15% below plan in early August, hit by disruptions at Novorossiysk and Black Sea risks.
Crude oil loadings from Russia's western ports have fallen significantly short of targets this month, according to traders familiar with the matter. Shipments from the Baltic ports of Primorsk and Ust-Luga, along with the Black Sea port of Novorossiysk, averaged about 2.3 million barrels per day in the first half of August — roughly 15% below the initial loading plan of around 2.7 million barrels per day.
The shortfall is largely attributed to disruptions at Novorossiysk, where exports have dropped to approximately 0.4 million barrels per day, down from a range of 0.8 to 1 million barrels per day in June and July. Loadings at the port are running more than two weeks behind schedule, with cargoes originally planned for late July only departing in recent days.
The slowdown underscores the growing difficulty Moscow faces in sustaining crude exports as Ukrainian strikes target energy infrastructure vital to both supply chains and budget revenues. Heightened risks in the Black Sea have also prompted a shift in logistics: Russia has rerouted Kazakhstan's crude shipments from the Baltic port of Ust-Luga to Novorossiysk. This move is intended to free up Baltic capacity for more Russian exports, as Kazakh transit volumes are considered safer in the Black Sea given Ukraine's stated commitment not to target non-Russian cargoes.