Easing sanctions won't help: Russian oil exports slow after drone attacks
Photo: Despite the easing of US sanctions, oil exports from Russia continue to slow down (Getty Images)
Russian oil exports slowed in March due to Ukrainian drone attacks on oil infrastructure and unfavorable weather conditions in the Baltic and Black Seas, Reuters reports.
According to the agency, drone attacks on oil export facilities in the Black Sea, as well as storms and ice in the Baltic Sea, have significantly affected shipment rates. According to LSEG data, total Russian oil exports between March 1 and March 12 fell by about 14% compared with the same period in February, to 3.6 million barrels per day.
At the same time, shipments from Russia’s Far East increased by about a quarter during this period, reaching around 770,000 barrels per day.
The situation has been particularly difficult at the Black Sea port of Novorossiysk. According to Reuters sources, oil exports and transit were running about ten days behind schedule due to stormy weather and regular drone attacks.
One such attack in early March forced a temporary halt to tanker loading. In particular, a drone strike targeted the Sheskharis oil terminal on March 2.
After that, oil transshipment resumed only on March 6. However, loading rates remain low, as the port is regularly forced to suspend operations and move tankers away from the berths due to the threat of new attacks.
Analysts cited by the outlet noted that because of these factors, the temporary easing of US sanctions may not lead to a rapid increase in Russian oil exports.
The global oil market is experiencing a serious crisis amid a large-scale conflict in the Middle East. Supply disruptions, halted tankers, and strikes on oil infrastructure have led to production losses of millions of barrels and a sharp rise in global oil prices.
Against this backdrop, the US Treasury Department has temporarily eased part of its oil sanctions against Russia. The measure involves a 30-day exemption allowing countries to purchase Russian oil and petroleum products already at sea in order to partially stabilize global energy supplies.
