Russian petroleum exports are on course to plunge this month to the lowest in ten months, amid a drop in oil processing as refiners prepare for planned autumn maintenance.
(Bloomberg) — Russian petroleum exports are on course to plunge this month to the lowest in ten months, amid a drop in oil processing as refiners prepare for planned autumn maintenance.
Oil product flows from the nation dropped to 2.3 million barrels a day during the first 26 days in August, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s about 250,000 barrels a day less than during July, and roughly also below year-earlier levels.
The market is observing Russian oil shipments closely for clues on the nation’s crude production after Moscow classified official output data. Seaborne crude flows from the country have risen to an eight-week high, according to latest tracking data. Refined fuel exports have lost momentum in August — when some products have breached Group of Seven-imposed price caps.
Here’s a breakdown of exports from Russia’s ports for the Aug. 1-26 period:
Diesel and gasoil flows, the top-oil product exported from Russia, have dropped to about 1.05 million barrels a day. That’s the lowest since May, when several refineries were undergoing spring work. Exports of gasoline and blending components have also slumped to just 80,000 barrels a day, the lowest since October 2022.
Russia’s Energy Ministry has advised fuel producers to redirect some diesel and gasoline away from the export market to ensure sufficient domestic supplies.
Naphtha exports are little changed from last month at about 398,000 barrels a day. Shipments heading to Asia have declined, but they’ve gained to Africa and South America. Jet fuel flows have risen to 40,000 barrels a day, the highest since May.
Fuel oil shipments, accounting for a third of overall fuel flows, have fallen to about 603,000 barrels a day, the lowest since March 2022. There has been a sharp decline to the Middle East in shipments observed so far.
Refinery feedstocks, that include semi-finished product like vacuum gasoil, have climbed to 133,000 barrels a day, the most since May.
Shipment volumes are likely to be revised as new cargoes are observed for the rest of the month.
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