Russia loses 15% of oil exports due to problems at key Black Sea port – Reuters

Oil shipments from Russia's western ports amounted to around 2.3 million barrels per day in the first half of August – 15% below the initial plan due to disruptions at the port of Novorossiysk.

Source: Reuters, citing traders

Details: Exports from the Baltic ports of Primorsk and Ust-Luga and the Black Sea port of Novorossiysk were initially expected to reach around 2.7 million barrels per day in August.

Exports from Novorossiysk, including Russian Urals crude and Kazakh KEBCO, fell to around 400,000 barrels per day, compared with 0,8-1 million barrels per day in June and July.

Traders said port loadings were more than two weeks behind schedule, with shipments originally scheduled for late July only setting sail in recent days.

Amid the growing risk of attacks on Russian cargoes in the Black Sea, Russia has also redirected Kazakh oil exports from Ust-Luga to Novorossiysk. This is intended to free up capacity at the Baltic ports for Russian oil.

Moscow expects the transit of Kazakh oil through the Black Sea to remain safe following Ukraine's pledge not to attack non-Russian cargoes.

Background:

• On 18 August, it was reported that oil exports from Novorossiysk had been declining for five consecutive weeks. In the four weeks to 16 August, Russia's seaborne oil exports fell to 3.58 million barrels per day.
• On 14 August, following a drone attack, the Sheskharis terminal in Novorossiysk suspended oil loading operations. The terminal handles around 700,000 barrels per day.

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