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Russian petroleum product exports jumped by 10% in the first half of September compared to August as diesel and fuel oil shipments recovered from last month’s multi-month lows, data from analytics firm Vortexa compiled by Bloomberg showed on Friday.
Refining rates in early September improved from August and so did exports of diesel and fuel oil.
Russia’s total exports of refined oil products by sea averaged about 2.2 million barrels per day (bpd) between September 1 and 15, according to the data compiled by Bloomberg. This average volume was nearly 10% higher in the first half of September compared to the month of August.
Exports of diesel and gasoil totaled about 807,000 bpd in the first two weeks of September, a rise of around 10% from August. Last month, seaborne exports of Russia’s diesel and gasoil had slumped to their lowest level since October 2023.
Fuel oil exports, for their part, saw a 13% increase in the first half of September. At 749,000 bpd, fuel oil exports hit their highest level so far this year, according to Vortexa’s data compiled by Bloomberg.
In recent months, Russia has had higher-than-expected maintenance and repairs at its refineries after Ukraine stepped up early this year its drone attacks on the Russian refining capacity. In addition to unplanned repairs to fix damages from the drones, some refineries underwent planned maintenance, which dragged down Russia’s fuel output and exports earlier this year.
In August, the Russian government said that Moscow is extending its ban on gasoline exports from October to the end of December 2024, as it seeks to keep domestic supply stable amid seasonal demand and scheduled repairs at refineries.
While fuel exports appear to be recovering this month, the value of Russia’s crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg has estimated.
