Russia increases oil exports through western ports

Russia is increasing its oil exports through its western ports in response to ongoing drone attacks on its refineries, according to Reuters.

Despite these attacks, Russia plans to boost its daily oil shipments by nearly 200,000 barrels per day (bpd) in March, bringing the total to 2.15 million barrels per day.

This represents a 10 per cent increase compared to the initial plan for March.

The attacks on Russian refineries, including those owned by Rosneft and Lukoil, have prompted concerns about supply disruptions. However, Russia seems determined to maintain and even increase its oil exports, with additional cargoes expected from companies like Rosneft and Tatneft.

The recent drone attacks have targeted various refineries across different regions of Russia, causing fires and disruptions to operations. Attacks have occurred at refineries such as the Rosneft-owned Syzran oil refinery and the private Slavyansky oil refinery in the Krasnodar region. Rosneft’s Ryazan oil refinery and Lukoil’s Nizhny Novgorod oil refinery were also targeted in previous attacks.

Despite these challenges, market participants anticipate that Russia’s oil exports may continue to grow, especially in response to the recent events. The situation remains fluid, and further developments in the region could impact oil markets and supply chains.