Russian oil producers warn buyers of possible force majeure after attacks on Baltic Sea ports
The Facts
- Russian oil producers have warned buyers they could declare force majeure on supplies from major Baltic Sea ports.
- Oil loadings at Ust-Luga were halted after drone attacks, and sources said the suspension had been in place since Wednesday.
- Primorsk was also affected by the attacks, with reports of damage and disrupted or suspended loadings.
- Reuters reported that the attacks this week may have taken offline about 40% of Russia's oil export capacity.
- Ukrainian President Volodymyr Zelenskiy told Reuters that Kyiv was using long-range strikes to maintain pressure on Russia after international oil sanctions were eased because of global supply disruptions tied to the Iran war.
- Kazakhstan's energy ministry said the attack on Ust-Luga did not affect its oil exports and that flows were operating normally.
Context
What is force majeure in this context?
In this story, force majeure refers to producers telling buyers they may not be able to fulfill oil supply contracts because port disruptions have made shipments difficult or impossible Reuters N-tv MarineLink.
Which ports were reported as affected?
The reports focus on Ust-Luga and Primorsk, two major Russian Baltic Sea oil export ports, both of which were said to have been hit or disrupted by drone attacks Reuters N-tv Berliner Zeitung.
How significant were the reported disruptions?
Reuters-based reporting said the attacks may have affected roughly 40% of Russia's oil export capacity, though that figure comes from market-data calculations and not an official government statement N-tv Zero Hedge Maritime Executive de.marketscreener.c….
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