Russian oil exports hit four-year low due to Ukrainian drone strikes
Russian oil product exports have fallen to their lowest level in four years, following successful Ukrainian drone strikes on the country's oil refineries. Enkorr reports, citing data from S&P Global Commodities at Sea, exports of Russian oil products in April 2024 dropped significantly, registering a four-year low.
Tanker activity analysis indicates a significant downturn in Russian oil shipments. The damage sustained by several refineries due to the Ukrainian drone raids has resulted in decreased production and a subsequent export slump.
In the latter half of April, Russia's daily fuel, heavy oil, and other product exports totaled 1.94 million barrels - the lowest since 2020, amid the global COVID-19 pandemic. Diesel and heating oil exports in April averaged 737,000 barrels per day, a decrease of 137,000 barrels from March and 240,000 barrels less than January's figures.
"The average figures for April show a decline of 360,000 barrels a day compared to March, and almost 700,000 from January, when Ukraine began a barrage of drone strikes," the article notes.
Experts estimate that due to Ukraine's strikes, Russia has lost approximately 600,000 barrels per day of refining capacity. Restoring the damaged facilities is proving costly and complex due to sanctions. Despite these challenges, Moscow has so far managed to maintain control over the situation by ramping up production at refineries that were not affected by the strikes.