finance
Russian Crude Exports Hold Near 4.1 Million Barrels a Day Despite Refinery Strikes and Shipping Delays
Ukrainian strikes have cut Russian refining capacity by one-third, stranding 135 million barrels at sea. Export volumes reached a two-year high while revenues fell.
Jul 16, 2:45 AM·1m read1 source
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Ukrainian drone strikes on Russian refineries have stranded nearly 135 million barrels of crude at sea, ZeroHedge reported. The strikes hit facilities including Gazprom Neftekhim Salavat and Afipsky, reducing domestic refining capacity to 3.91 million barrels per day. That level is the lowest since 2005 and represents roughly one-third of Russia's total refining capacity.
Russia produced 8.93 million barrels per day in June, about 830,000 barrels below its OPEC+ quota. Seaborne crude exports averaged 4.13 million barrels per day in the four weeks through June 28. Revenues from those shipments fell $200 million to $1.68 billion per week as Urals prices declined.
China and India took 1.8 million barrels per day of identified Russian crude purchases. Turkey imported 160,000 barrels per day and Syria 40,000 barrels per day, according to Bloomberg data cited in the report. Another 1.9 million barrels per day showed unknown destinations.
Shadow-fleet tankers have gathered near Egypt's Mediterranean coast and Indonesia's Riau Islands. Sokol and Sakhalin Blend cargoes face week-long transfer delays, while ESPO crude has accumulated near the Kozmino terminal.
