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Russia redirects Kazakhstan oil to Black Sea
Russia announced that it will redirect Kazakh oil exports from the Port of Ust-Luga on the Baltic Sea to the Port of Novorossiysk on the Black Sea, in order to free up export capacity and increase Russian oil shipments via the Baltic. This move comes especially as security risks in the Black Sea rise due to Ukrainian drone attacks. It is expected that this shift will free up approximately 100,000 barrels per day of export capacity at Ust-Luga, where Russian exporters have been struggling to secure tankers due to security concerns. Kazakh oil is considered less risky and easier to transport. Kazakh oil producers have supported this arrangement because it yields higher revenues compared to exporting via the Baltic Sea, where most of the crude is sold to refineries in the Mediterranean and Europe.
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