“Oil exports from one of Russia’s largest ports on the Baltic Sea, Ust-Lugi, have unexpectedly decreased in recent weeks.”, — write: epravda.com.ua
Oil exports from one of Russia’s largest ports on the Baltic Sea, Ust-Lugi, have unexpectedly decreased in recent weeks. Bloomberg writes about it. In the last two weeks of December, the port was unable to load six of the 14 planned tankers. Exports continued to decline in January, with average daily shipments falling 44% from even December’s lows to 277,000 barrels per day. According to the agency, this level will be the lowest since July 2021. So far, there is no clear explanation of the reasons for such a decline. The Ministry of Energy of the Russian Federation and “Transneft” do not comment on the situation. Russia began to hide data about its oil flows after the start of the war in Ukraine and the imposition of Western sanctions.Advertisement: In January, the United States imposed the toughest sanctions against Russian oil since the beginning of the war, and buyers began to look more actively for alternative suppliers. However, the decline in exports from “Ust-Luga” began even before the tightening of restrictions. The decrease in exports can also be related to a number of factors. In January, Ukraine attacked Russian energy infrastructure, including the Ust-Luga port. Although this strike does not seem to have affected oil flows. In addition, the region experienced 11 stormy days in January, but this rarely affects Transneft’s plans.Advertisement: Read also: Russia still earns $6 billion from oil sales through Ukraine. Why does the transit not stop? To recall: Russia’s marine exports of petroleum products fell by 9.1% to 113.7 million tons in 2024 as the country’s refineries faced factors including Ukrainian drone attacks, an export ban, falling prices and rising production costs.