Russia to export record crude oil volumes in June due to Ukrainian strikes – Reuters
Ukrainian attacks on refineries force Russia to boost crude exports, potentially driving global prices down.
Russia is set to ship record volumes of crude oil from its main western ports in June, according to Reuters sources citing traders. Shipments from the Baltic ports of Primorsk and Ust-Luga and the Black Sea port of Novorossiysk are expected to reach about 2.7–2.8 million barrels per day in June. This compares to an average of 2.5 million barrels per day in May and an earlier forecast for June of only 1.7–1.8 million barrels per day.
The increase in crude oil exports is largely due to a decline in Russia's refining capacity following Ukrainian attacks on its oil infrastructure. Traders say the rise in Russian exports could cause a further drop in global oil prices, which are already falling because of increased supplies from Iran.
Separately, Russia is negotiating with Kazakhstan to import around 50,000 tonnes of AI-92 petrol to ease domestic shortages caused by refinery shutdowns and unscheduled repairs. The Moscow Oil Refinery is unlikely to resume operations for at least another six months following Ukrainian drone attacks. Russia has also begun importing petrol by sea for the first time in a long while to cover fuel shortages caused by Ukrainian strikes on refineries.
