Russia's Oil Exports Decline Amid Drone Attacks on Black Sea Port
Russian oil exports have continued to decline in recent weeks due to drone attacks targeting the key Black Sea port of Novorossiysk, with shipments falling to their lowest level since April. In the four-week period ending August 16, Russia exported an average of 3.58 million barrels per day, down from previous increases driven by Ukrainian strikes on Russian refineries that had freed up more crude for export. The decline in exports is part of a five-week downward trend and has been exacerbated by renewed attacks on oil infrastructure as well as disruptions to shipping operations at the port. Despite this drop, Russia's seaborne crude shipments remain relatively high compared to its year-to-date average, with 2026 flows still outpacing those in every year since the invasion of Ukraine began. Meanwhile, Russian crude production has also fallen to a six-year low of 8.9 million barrels per day last month—well below Russia's OPEC+ quota. Despite these challenges, India continues to import large volumes from Russia, maintaining robust deliveries at nearly record levels.
Topics: Black Sea drone strikes oil exports Russia Ukraine war