Russia’s oil export surge has hit a 135 million-barrel traffic jam due to Ukraine's airstrike campaign targeting oil refineries.
Intensive Ukrainian drone strikes on facilities like Gazprom Neftekhim Salavat and Afipsky have knocked out about one-third of Russia's domestic refining capacity, bringing it down to approximately 3.91 million barrels per day, the lowest level since 2005.
Moscow is now forced to divert more barrels to international markets, despite pumping just 8.93 million barrels a day in June, roughly 830,000 b/d below its OPEC+ quota.
Unfortunately, major export hubs are experiencing massive gridlock with limited buyers of sanctioned Russian crude, leading to significant delays.
Russia's oil revenues are shrinking despite high export volumes due to lower global crude prices and widening discounts for Urals.
