Russia set to export record oil volumes from western ports in June, sources say

• Repeated drone attacks on Russian refineries have disrupted domestic processing, forcing Moscow to divert crude to exports from Baltic ports (Primorsk, Ust-Luga) and Black Sea port (Novorossiysk) rather than cut production
• Domestic fuel shortages have emerged, with several Russian regions implementing sales rationing due to lack of gasoline and diesel grades and long queues at filling stations
• Higher Russian exports may further pressure global oil prices already weakened by increased Iranian supplies, as relaxed U.S. enforcement allows Chinese and Indian buyers to switch from Russian to Iranian crude

Summary: Russia Set to Export Record Oil Volumes from Western Ports in June

Key Development:

Russia is poised to ship record crude oil volumes from its main western ports in June 2026, reaching approximately 2.7-2.8 million barrels per day (bpd), according to trade and port sources. This represents a significant increase from roughly 2.5 million bpd exported in May and exceeds preliminary June plans by about 1 million bpd.

Primary Driver:

Ukrainian drone strikes have forced several major Russian refineries offline, compelling Moscow to redirect crude oil to export markets rather than implementing production cuts. The attacks have substantially disrupted Russia's refining capacity, pushing domestic throughput below normal levels.

Domestic Impact:

The refinery outages have created fuel shortages within Russia, with several regions introducing rationing measures for gasoline and diesel. Long queues at filling stations highlight the strain on domestic supply as the country attempts to balance export revenues against internal fuel needs.

Market Implications:

Increased Russian crude exports are expected to pressure global oil prices, which are already facing headwinds from rising Iranian supplies. A recent U.S. policy shift has enabled major buyers in China and India to diversify purchases between Russian and Iranian crude, intensifying competition in critical Asian markets.

Ports Affected:

Record shipments are originating from Baltic ports (Primorsk and Ust-Luga) and the Black Sea port of Novorossiysk.

Bottom Line:

Russia faces a delicate balancing act between maximizing export revenues through record crude shipments and managing domestic fuel shortages, while contributing to softer global oil price conditions amid increased supply competition.