As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.
Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors, including maintenance.
In the second half of 2025, Ukraine intensified attacks on Russia’s oil refineries, depots, and export terminals in an escalation of the war on energy infrastructure, which has also seen Russia targeting Ukraine’s gas producing facilities and gas and power distribution networks as temperatures drop.
This year, a lull in attacks in January was followed by intense attacks in February. Last week a Volgograd oil refinery suspended oil processing after a Ukrainian drone attack triggered a fire at the plant. The Lukoil-owned refinery is a major Russian oil processing facility in Volgograd City in southern Russia.
The renewed attacks on refineries, with the Volgograd site the first major strike of 2026, resulted in rising Russian seaborne crude exports.
Most Russian shipments, more than 3 million bpd of crude, are headed to Asia.
However, there is a marked increase so far this year of shipments showing ‘unknown Asia’ as a destination, according to the vessel-tracking data Bloomberg has compiled.
This is likely due to India backing out of purchases of Russian oil, as New Delhi is under pressure from the United States to slash imports of crude from Russia.
The most recent data suggests that China’s oil imports from Russia are on track for all-time high of over 2 million barrels per day in February as India is withdrawing from Russian spot purchases and supply is now heavily discounted for Chinese independent refiners.
By Charles Kennedy for Oilprice.com
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