Daijiworld Media Network - Moscow

Moscow, Sep 24: Russia’s crude oil exports have surged to a 16-month high even as its refineries face ongoing drone attacks from Ukraine. Bloomberg vessel-tracking data shows that the four-week average exports from Russian ports reached 3.62 million barrels per day during the period ending September 21, the highest since May 5, 2024.

The increase comes as Russia boosts production under an OPEC+ agreement, raising output by over 400,000 barrels per day since March. Recent drone attacks on refineries have forced companies to divert crude to export terminals, further elevating export volumes. JPMorgan Chase & Co. estimates suggest refining operations have fallen below 5 million barrels daily, the lowest since April 2022, due to the attacks.

Typically, Russia processed around 5.4 million barrels daily in August and September, indicating that at least 7% of fuel production capacity has been affected. Despite damage to pipeline-connected pumping stations, supplies to export terminals on the Baltic and Black Sea have continued. The Baltic port of Primorsk recently loaded 12 crude cargoes in a single week, with port storage facilities helping maintain shipments during repairs.

Prospects of additional sanctions to push Russia toward peace negotiations in Ukraine appear limited. US President Donald Trump stated that further measures would depend on European Union nations fully halting Russian oil imports, which remains unlikely as Hungary and Slovakia resist. The EU is reportedly considering trade measures such as tariffs, which require majority approval, rather than sanctions that need unanimous consent.

Vessel-tracking and port-agent reports indicate that between September 15–21, 31 tankers carried 23.69 million barrels of Russian crude, up from 22.26 million barrels transported by 29 vessels the previous week. The total value of exports rose by about $50 million to $1.33 billion for the week ending September 21.