Primorsk shipments recovered strongly last week, but it wasn’t enough to boost four-week flows

Shipments from key port of Primorsk tumbled last week, likely on maintenance work

Loading rates at Novorossiysk have slowed with ships moored for twice as long as normal

Diesel curbs, jump in subsidies to refiners mute benefits to Kremlin’s war chest from crude flows

Diesel exports curbs undermine impact of rising crude shipments, soaring prices 

Returning Saudi crude exports and the threat of US tariffs could eat into the Kremlin’s war chest

Crude shipments jumped the most since May as strikes on Saudi infrastructure drove up oil prices 

Black Sea strikes hamper oil flows from Novorossiysk, while crude processing tumbles

Shipments fell for a fifth week with no crude loading from the key Novorossiysk oil terminal in the seven days to Aug. 16

A brief lull in drone strikes allowed refiners to boost runs, likely diverting crude from exports

Ukraine’s switch to attacking tankers lets plants process more crude, ship less abroad