Ukrainian drones and freezing weather disrupt Russian oil exports

The surge in oil prices driven by tensions surrounding Iran is offering Moscow little relief. Ukrainian drone strikes and severe winter conditions have sharply curtailed Russia’s ability to export crude along key routes.

The Sheskharis terminal in Novorossiysk – through which around half a million barrels per day are expected to pass this month – has been shut following the attack, and its reopening remains uncertain.

Baltic ports are facing further disruption owing to frozen conditions, with limited scope to reroute oil via the CPC pipeline or the Druzhba route.

European authorities have also tightened controls on tankers operating in the so-called shadow fleet.

(reuters, mja)