Photo: VesselFinder
Russia is exporting increasing volumes of crude oil that its refineries can no longer process after intensified Ukrainian drone strikes, Bloomberg reported, citing tanker-tracking data.
Average four-week seaborne crude exports stood at 4.21 million barrels per day as of July 12, just 10,000 barrels below the highest level recorded since Russia's full-scale invasion of Ukraine in 2022.
Crude oil piling up at sea
Despite higher exports, shipments are slowing, leaving growing volumes of Russian crude stranded at sea. Tanker-tracking data show cargoes accumulating near Egypt's Mersa El Hamra port and Indonesia's Riau Islands, where vessels appear to be waiting for extended periods rather than heading directly to buyers.
Refining drops to 21-year low
Recent drone strikes hit the Gazprom Neftekhim Salavat complex and the Afipsky refinery. According to Bloomberg, the July attacks pushed Russia's oil refining volumes to their lowest level in more than 21 years, worsening domestic fuel shortages and affecting global oil markets.
The agency said the strikes appear aimed at forcing Russia to export more crude oil that it can no longer refine domestically.
Longer delivery times
OPEC data show Russia produced 8.93 million barrels per day in June, about 830,000 barrels below its production quota.
Five tankers carrying Urals crude are anchored off Egypt, while another five are waiting near the Riau Islands, a key transfer hub for Russia's shadow fleet. Cargoes of Sokol, Sakhalin Blend, and ESPO crude from Russia's Far East are also experiencing lengthy delays.
Bloomberg estimates that around 135 million barrels of Russian crude were at sea as of Sunday.
Sanctions pressure
The report notes that concerns over potential new U.S. sanctions could again discourage Indian refiners from purchasing Russian oil after bipartisan U.S. senators reached an agreement with the Trump administration to advance a new sanctions package targeting Russia.
