Russian oil exports have plummeted due to drone attacks on Baltic Sea ports
Russian oil exports have plummeted following drone strikes on key Baltic Sea ports.
Bloomberg reports this.
According to the publication, shipments fell to 2.32 million barrels per day, which is 1.75 million barrels less than the previous week—the lowest level since February 2025.
The drop was caused by fires in storage tanks and the suspension of loading and unloading operations at the ports of Primorsk and Ust-Luga, as well as a temporary halt at the port of Kozmino. As a result, the Kremlin’s oil revenues have decreased by more than $1 billion.
At the same time, Russia began seeking new buyers. The Philippines received its first shipments of ESPO crude since 2021, while supplies to India rose to nearly 1.7 million barrels per day. Shipments to China and Turkey, conversely, declined slightly, and some tankers have yet to determine their final destination.
Urals crude prices rose by approximately $11.3 to $73.24 per barrel due to reduced supply and the conflict in the Middle East, while Pacific ESPO rose to $84.19 per barrel. Shipments to India rose to $97.69 per barrel.
Despite a partial increase in prices, total Russian oil exports have temporarily declined, putting significant pressure on the financing of Moscow’s military budget.
As a reminder, in March 2026, the Organization of the Petroleum Exporting Countries (OPEC) recorded a sharp decline in crude oil supplies to global markets.
As a reminder, oil prices have remained above $100 following the resumption of Iraqi supplies.
Additionally, the price of oil could rise to $200 per barrel due to the war between the U.S. and Iran.
