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The port of Primorsk in the Leningrad region, a key hub for Russian oil exports, has resumed operations following a Ukrainian drone attack Bloomberg reports. The outlet recalled that as a result of the Ukrainian drone attack on the port of Primorsk, three pumping stations transporting oil to Ust-Luga were damaged. Oil shipments at the port itself were temporarily halted.
Primorsk hosts Russia’s largest oil terminal on the Baltic Sea, from which 970,000 barrels of Urals crude per day were shipped in August. Recall that on the night of September 12, SBU drones struck Russia’s largest oil-loading port on the Baltic Sea — Primorsk. Fires broke out at the port and at a pumping station, and oil shipments were suspended.
Estimated daily losses to the Russian budget from the halt in exports could reach up to $41 million.
Primorsk is a key hub for loading Russia’s shadow fleet, which allows the country to bypass international sanctions and sell oil on external markets. Around 60 million tons of oil pass through the port each year, generating approximately $15 billion for Russia.
Weekly seaborne shipments of Russian oil in the week ending September 14 averaged 3.18 million barrels per day, 934,000 barrels per day less than in the previous seven days, according to vessel tracking data compiled by the agency. This is the sharpest drop in shipments since July 2024.
Russian oil exports from Primorsk fell to approximately 730,000 barrels per day, and from Novorossiysk to 647,000. Shipments from Ust-Luga halved to approximately 313,000 barrels per day.
Bloomberg says that a series of Ukrainian drone attacks have severely damaged Russia’s oil exports, cutting Moscow’s oil revenues by more than $300 million in a week. In total, 22.26 million barrels were shipped, which is significantly lower than the previous week’s figure of 28.79 million barrels.
The decline in exports has also had a direct impact on Moscow’s revenues, with revenues falling to $1.28 billion from $1.66 billion a week ago. Bloomberg previously reported that drone attacks on oil refineries and port infrastructure could force Russian oil companies to reduce oil production. The destruction of refineries reduces their ability to process crude, and previously, excess barrels were exported. However, under the new conditions, oil storage capacity could quickly become full, forcing them to reduce production.
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