Novorossiysk attack pushes Russian oil exports to 8-month low
Photo: Russia’s oil exports have declined (Getty Images)
Russia’s average monthly oil exports have dropped to their lowest level in the past eight months. The main reason was a prolonged shutdown of the Sheskharis terminal in Novorossiysk, according to Bloomberg.
The agency notes that between March 16 and April 12, 2026, shipments averaged 3.22 million barrels per day — the lowest level since August 2025.
Compared to the previous reporting period, average daily exports fell by 200,000 barrels. The key factor behind the decline was the shutdown of the Sheskharis terminal in Novorossiysk, which halted operations for five days following an attack on the night of April 5.
Despite the physical drop in volumes, Russia’s revenues continue to rise due to higher global oil prices. In particular, between March 16 and April 12, Russia earned $2.12 billion per week, compared to $2.07 billion between March 9 and April 5.
Urals crude prices in the Baltic Sea rose to $95.83 per barrel, and in the Black Sea to $94.18. The price of Russian oil already delivered to India reached $126.34 per barrel.
China, India, and Türkiye remain the key buyers. At the same time, Bloomberg notes increasing concealment: Russian tankers are more frequently concealing their real destinations, instead listing Suez or Port Sudan, which significantly complicates tracking end buyers.
On the night of April 5, drones struck Novorossiysk, with videos of a fire at the Sheskharis terminal circulating online. There were also reports of explosions at a Transneft facility servicing large tankers.
The attacks continued in the following days. According to Ukraine’s General Staff, an oil terminal at the Baltic port of Ust-Luga was hit on the night of April 7.
Due to the strikes, Russia temporarily suspended oil shipments through the ports of Primorsk and Ust-Luga, as infrastructure was damaged and fires broke out at the facilities.
