‼️Russian oil exports are collapsing after Ukrainian drone strikes on key Baltic ports:
Weekly crude shipments from Russia plunged -1.75 million barrels per day last week to 2.32 million bpd, with Baltic port exports falling to the lowest since 2022.
Drone attacks on the Primorsk and Ust-Luga export terminals set storage tanks on fire and cut loadings to ~33% of normal levels, costing Moscow over $1 billion in lost revenue in a single week.
The strikes come as prices for Russian crude have more than doubled over the last month due to the Iran war.
On top of the strikes, the UK has begun intercepting Russian shadow fleet tankers, forcing vessels to reroute around northern Scotland and adding ~2 days to each journey.
Watch the global oil market.