Russia Warns of Force Majeure on Oil Cargoes After Port Disruptions

Russia’s oil exporters are warning buyers that cargoes from its key Baltic ports may not be delivered at all. Russian producers are now saying they may declare force majeure on cargoes from key Baltic Sea ports after a sustained wave of Ukrainian drone strikes knocked out critical infrastructure this week. The epicenter is Ust-Luga, one of Russia’s most important export terminals, where oil loadings have been halted since Wednesday following repeated strikes from Ukraine and a fire that, as of Friday, was still burning. Industry sources…