Russia Slashes Oil Exports As Fuel Shortages And Drone Attacks Bite

Russia is preparing to sharply reduce crude oil exports this month as mounting refinery disruptions, fuel shortages, and Ukraine’s bombing campaign force Moscow to divert more barrels into the domestic market. Exports from Russia’s western ports of Primorsk, Ust-Luga and Novorossiysk are expected to fall to roughly 1.7 million barrels per day in June from 2.5 million bpd in May, according to Reuters calculations based on preliminary industry and trading data. The decline comes as Russia seeks to increase refinery throughput to address…