Ukrainian Armed Forces strikes and sanctions are blocking Russia’s oil exports: production has fallen by 300–400 thousand barrels
The price of oil has exceeded $100 due to the crisis in the Strait of Hormuz, but shutdowns at Russian refineries and idle ports prevent Moscow from profiting from the price rise
Ukrainian strikes on Russian ports and oil refineries, combined with international restrictions, have led to a sharp slump in Russian oil exports in March and April, causing the state to lose billions of dollars despite a temporary easing of U.S. sanctions, reports Al Jazeera.
Demand for crude is rising: the barrel has risen above 100 dollars amid problems in the Strait of Hormuz region, however Moscow is unable to take advantage of high prices due to sanctions and the effects of attacks on refineries and port infrastructure.
According to the outlet, starting from 21 March Ukraine moved to systematic strikes on key Russian oil logistics hubs and refining facilities, which complicates the transshipment of crude oil onto tankers and the export of energy carriers by sea.
In April the trend intensified: export volumes fell to levels not seen since the summer of 2024, and by the end of the month could drop to the record lows of 2023.
As Reuters clarifies, oil production in Russia fell by 300 000–400 000 barrels per day; these estimates were corroborated by five independent sources of the agency.
Earlier we wrote:
- Russian Baltic ports halted oil shipments after attacks by Ukrainian drones
- A sharp rise in oil and gas prices threatens the global economy amid the war in Iran
- Sanctions tighten: Russia risks sharply curtailing oil output due to overfilled storage facilities
- Sanctions worked: oil production in Russia has collapsed
- Ukrainian drones hit Russian refineries: 17% of capacity taken offline, Reuters reports
