export of oil products from Russia hits 11-month low in August – Kommersant
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In August, total exports of oil products from Russia amounted to 2.28 million barrels per day, which is 9% lower than in July and is the lowest since September 2022, reports Bloomberg with reference to the data of the analytical company Vortexa Ltd.
According to Vortexa, Russian diesel and gas oil exports totaled 1.04 million b/d in August, down 5.7% from July to a three-month low. Turkey became the largest supplier of Russian diesel in August, followed by Brazil.
Deliveries of gasoline and blending components from Russia reached a ten-month low and amounted to 81,000 bpd in August. Exports of Russian naphtha decreased in August by about 6% compared to July and amounted to 371 thousand b/d. An increase in naphtha supplies to the Middle East, Africa and South America was offset by a decrease in exports to Asia. Jet fuel deliveries from the Russian Federation in August reached the maximum value since May – 35,000 bpd.
In August, fuel oil exports from the Russian Federation decreased by a quarter, to 592,000 barrels per day. This is the lowest since March 2022, when the US imposed an embargo on the supply of petroleum products from Russia. Exports of refinery feedstock jumped to a five-month high, hitting about 157,000 bpd in August, Bloomberg reports.
The agency notes that the decline in exports occurs against the backdrop of curtailing the work of oil refineries in connection with the planned autumn repairs. Bloomberg argues that the decline in exports of Russian oil products is also due to the fact that prices for some of them exceeded the limit set by the G7 countries, which complicated the access of traders to Western transport services and insurance. In addition, the agency names the increase in damper payments to Russian oilmen as one of the factors for the decline in exports. In August they reached RUB 185.9 billion
Yesterday, September 5, Russia promised to extend the reduction of oil exports by 300,000 barrels per day until the end of the year. Saudi Arabia, for its part, also extended the production cut by 1 million bpd until the end of the year. Until now, Russia, reducing oil exports, has sought to do this without compromising production, increasing refining. It is possible that in the fall, against the backdrop of refinery repairs, it will not be possible to continue such a policy, so the Russian authorities allow a decrease in oil production – the decision will be made on a monthly basis.
More details – in the material “No swing”.
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