Skip to content
Edit post

Bloomberg: Russian marine oil exports hit 2 month low after storms, suspected Ukrainian attack on refinery

by Nate Ostiller and The Kyiv Independent news desk January 23, 2024 3:18 PM 2 min read
A photo of the fire at the Russian Novatek natural gas company in Russia's Leningrad region on Jan. 21, 2024. (Russian Governor Alexander Drozdenko)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Russian seaborne exports of crude oil fell to their lowest level in two months, hindered by winter storms and a recent attack on a Russian processing plant, linked by several media outlets to Ukraine, Bloomberg reported on Jan. 23, citing industry shipping data.  

The weekly average of Russia's maritime transport of oil dropped by 340,000 barrels a day to a seven-week low of 3.06 million per day.

Novatek's gas-condensate plant caught fire on Jan. 21 at the port of Ust-Luga in Russia's Leningrad Oblast following a possible coordinated effort by Ukraine to strike key targets deep inside Russian territory, the BBC reported, citing an unnamed source in Kyiv.  

Ukrainian officials did not comment on the attack, but the unnamed source told the BBC that it was the work of the Security Service of Ukraine (SBU).

Novatek is the largest independent natural gas producer in Russia. The plant in Ust-Luga processes stable gas condensate - a byproduct of natural gas - into naphtha while also exporting oil products to international markets.

Novatek said on Jan. 21 that the plant's operations would be halted, but analysts said the following day it would likely resume its normal work within a few weeks.

The disruption caused by the suspected attack has nonetheless impacted Russia's oil exports.

Port data viewed by Bloomberg indicated that the Ust-Luga is not operating at full capacity, with only one of the berths currently being used and a four-day pause in ship loading added to the calendar.

Even if the plant resumes operations within the next few weeks, the Russian Sinara Investbank said that the attack could affect as much as a quarter of Novatek's revenues.

Can Ukraine’s economy survive without foreign aid? Experts aren’t sure
As Russia’s full-scale war approaches the two-year mark, Ukraine is headed for economic turbulence as vital external financial help hangs in the balance. As the Ukrainian government spends all of its revenue on the military, it relies on international aid from its Western partners. The budget defic…

Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
10:23 AM

Helicopter crashes in Russia's Far East.

A Robinson R-66 helicopter crashed in Amur Oblast with a pilot and three passengers on board, the Russian state-owned news agency TASS reported on June 21, citing authorities.
9:06 PM

Russia considering changes to nuclear doctrine, Putin claims.

Russia is considering changes to its nuclear doctrine due to developments "related to lowering the threshold for the use of nuclear weapons," Russian President Vladimir Putin claimed while speaking on June 20 in Vietnam, a day after his visit to North Korea.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.