Russia reroutes Kazakhstan's oil to Black Sea
Russia announced the redirecting of Kazakh oil exports from the Ust-Luga port on the Baltic Sea to the Novorossiysk port on the Black Sea, aiming to free up export capacity for its oil shipments via the Baltic and to increase production. This move comes amid escalating security risks in the Black Sea due to Ukrainian drone attacks. As a result of this shift, several batches of KEBCO crude scheduled for loading at Ust-Luga have been diverted to Novorossiysk, freeing approximately 100,000 barrels per day of Russian oil exports. Currently, Russian exporters are facing difficulties in securing tankers to transport oil from Black Sea ports due to security concerns, while Kazakh oil presents lower risks and is easier to charter tankers for. These adjustments in Kazakh oil exports are seen as a response to security challenges and an attempt to bolster Russian energy resources and mitigate the impact of attacks on export operations.
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