Russia reduced oil product exports by sea, — Reuters

Russian oil exports by sea fell slightly in May, industry sources said.

Russia’s oil exports by sea in May fell 0.2% daily from April to 8.016 million tonnes, Reuters reported.

While continued Ukrainian drone attacks on key ports and major refineries caused a sharp drop in May oil product loadings at Russia’s southern ports, this was offset by a significant increase in fuel exports from Baltic terminals.

A number of major Russian refineries were hit by drone strikes in May, including Lukoil’s NORSI refinery, Rosneft’s Ryazan refinery and Surgutneftegaz’s Kirisky refinery.

While fuel production at Russian refineries fell last month, export shipments were supported by a rise in global prices caused by the war in Iran, as well as a build-up of oil product stocks after previous disruptions at port terminals caused by drone attacks, traders said.

Exports of oil products from Russia’s Baltic ports of Primorsk, Vysotsk, St. Petersburg and Ust-Luga rose 11.3% in May from a month earlier to 3.82 million tonnes, as shipments partially resumed after earlier disruptions caused by attacks on key terminals, the sources said.

By comparison, fuel exports through ports on the Black and Azov Seas fell 19.7% from April to 3.03 million tonnes last month, the data showed.

The Russian Black Sea port of Tuapse and a nearby Rosneft oil refinery were repeatedly targeted by Ukrainian drones in April and May, halting fuel production and export shipments.

Exports of petroleum products from the Arctic ports of Murmansk and Arkhangelsk rose to 294,600 tons in May, up from 104,300 tons a month earlier.

Fuel exports from Russian Far Eastern ports also rose 21.3% last month from April to 875,200 tons, according to the data.

USM previously reported that Ukraine had attacked a Russian “shadow fleet” tanker in the Black Sea.