Amidst ongoing drone attacks on Russian refineries, Russia is set to increase its oil exports through western ports in March by nearly 200,000 barrels per day (bpd), surpassing the monthly plan to reach 2.15 million bpd. This represents a 10% daily increase compared to the initial March export target, as per calculations by Reuters.
The recent drone assaults on Russian refineries, including Rosneft facilities, have prompted a surge in oil shipments from the Baltic region this month. Additional cargoes from Rosneft and Tatneft have contributed to the heightened supply of Urals crude in the area. Moreover, in Novorossiisk, Rosneft and Lukoil have expanded tanker positions to accommodate the increased exports.
Market analysts anticipate a further uptick in Russia’s oil exports, considering the recent drone attacks that have disrupted refinery operations. The incidents include a fire at Rosneft’s Syzran oil refinery following a drone strike on Saturday, along with another fire at a private Slavyansky oil refinery in the Krasnodar region due to a drone attack on Sunday. Last week, Rosneft’s Ryazan oil refinery and Lukoil’s Nizhny Novgorod oil refinery also fell victim to drone attacks, underscoring the escalating challenges faced by Russian oil facilities.