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Russia’s diesel and fuel exports are thought to have slumped in August—reaching 10-month lows—as oil refiners gear up for routine seasonal maintenance that typically saps demand, according to data from Vortexa Ltd.
According to Vortexa data compiled by Bloomberg, oil products exports from Russia sank to 2.3 million barrels per day from August 1 to August 26. That 2.3 million bpd is 250,000 bpd less than the previous month, and also below August 2022 levels. Official data from Russia is unavailable since the country classified its data following Western sanctions.
Oil product exports from Russia may be down, but Russia’s crude oil exports by sea have risen to an 8-week high, according to the Vortexa data.
Diesel and gasoil exports fell to 1.05 million bpd in the first 26 days of August, with gasoline and blending component exports sinking to just 80,000 bpd—the lowest level in almost a year. Jet fuel exports have risen to 40,000 bpd in August. Fuel oil exports, however—which account for one-third of all fuel flows from Russia—fell to 603,000 bpd in August, marked but a significant reduction in flows to the Middle East. For fuel oil, this is Russia’s lowest export level in well over a year.
The August data contrasts the rosy data from July, when Russia’s diesel and gasoil exports by sea increased by 5% compared to June as more refining capacity in Russia returned from seasonal maintenance, according to data from trade sources and vessel tracking. Turkey, North Africa, Brazil, and the Middle East are now the key markets for Russia’s seaborne diesel exports after the EU imposed an embargo on those imports on February 5.
Several of Russia’s refined oil products continue to trade above the capped price laid out by the G7 as the nation continues to defy Western sanctions.
By Julianne Geiger for Oilprice.com
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.