Russia's February Oil Exports from its Western Ports Drop by 8% Due to Sanctions

SEATTLE (Oil Monster):  Russia’s crude oil exports from its western ports are expected to decline by 8% in February compared to January's plan, as Moscow ramps up oil refining. Reuters' calculations indicate that exports dropped by 8% following recent US sanctions.

Despite enduring a series of sanctions since 2022, Russia's oil exports now face some of their biggest challenges due to the latest restrictions.

The total oil exports from Russia's western ports – Primorsk, Ust-Luga and Novorossiysk – are projected to reach 1.6 million barrels per day in February, down from 1.73 million barrels per day in January’s plan.

Traders say that February’s exports could still increase if recent attacks by Ukrainian drones on Russian oil refineries result in more oil being redirected for export.

One of Russia’s major refineries, the Ryazan refinery, halted operations after a drone attack last week.

Exports through Baltic ports remain constrained by technical issues at Ust-Luga. In January, the port reduced oil loading to half its capacity, reaching a four-year low due to problems in the Transneft pipeline system.

"Oil supplies via the Druzhba pipeline and to Ust-Luga in February will rise, but they still remain below capacity," a source told Reuters.

Russia’s export of petroleum products in January reached an 11-month high despite the introduction of new US sanctions targeting the country’s energy sector.

Courtesy: www.msn.com