Russian Seaborne Oil Exports Surge as Drone Strikes Disrupt Refineries

Russia's seaborne crude oil exports reached an average of 3.39 million barrels per day in the four weeks ending February 15, according to Bloomberg data. This marks the fourth consecutive weekly increase as the country grapples with significant disruptions to its domestic refining infrastructure. Ukrainian drone strikes and the suspension of pipeline shipments to Central EU members have severely limited traditional outlets for Russian crude. Consequently, Moscow has been forced to reroute its production toward global maritime markets to maintain output levels. While refinery outages typically tighten fuel markets, the resulting surge in seaborne crude supply creates a complex dynamic for global pricing. Analysts suggest that the interplay between geopolitical risk and increased supply will keep market sentiment mixed in the near term.