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Higher refining processing rates and continued easing of fuel export restrictions are set to boost Russia’s exports of refined petroleum products to a four-month high in November, according to estimates by Bloomberg.
The higher fuel exports are led by a jump in diesel shipments after Russia partially lifted on October 6 a temporary ban on diesel exports that lasted just over two weeks.
In October, Russia’s diesel exports by sea were estimated to have dropped by 11% compared to September, due to the export ban and heavy refinery maintenance.
Russia’s seaborne diesel exports resumed shortly after the ban was lifted on October 6. The restriction was lifted on exports of diesel and gasoil delivered to seaports by pipeline, provided that the diesel producer supplies at least 50% of the diesel to the domestic market.
The ban on exports of gasoline and diesel was introduced to stabilize domestic fuel prices amid soaring crude prices and a weak Russian ruble in September.
Last week, Russia also removed the ban on exports of gasoline, which lasted for nearly two months. Last Friday, Russia said that domestic market saturation had been ensured over the past two months, creating a surplus of motor gasoline. The Russian Energy Ministry said it could re-impose export bans if that surplus vanished.
With most restrictions now eased or lifted, Russia is on track to export in November the highest volume of fuels in four months, per Bloomberg’s calculations.
Russian fuel shipments jumped by around 333,000 barrels per day (bpd) in the first 18 days of November compared to October levels. Between November 1 and November 18, seaborne exports of fuels from Russia averaged about 2.4 million bpd, per data from analytics firm Vortexa compiled by Bloomberg.
Diesel and gasoil shipments have surged so far this month, leading the increase in export volumes. Russian exports of naphtha and fuel oil have also risen so far this month, according to the data.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.