Russia’s fuel exports rise 10% in September

Russian exports of petroleum products rose 10 percent in the first half of September compared with August as shipments of diesel and fuel oil recovered from last month’s lows, data from research firm Vortexa showed on Friday. compiled by Bloomberg.

Refining rates in early September improved from August, as 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 data compiled by Bloomberg. This average volume was almost 10% higher in the first half of September compared to August.

Diesel and diesel exports totaled about 807,000 bpd in the first two weeks of September, up about 10 percent from August. Last month, Russia’s seaborne exports of diesel and gasoline fell to their lowest level since October 2023.

Fuel oil exports, in turn, registered a 13% increase in the first half of September. At 749,000 bpd, fuel oil exports hit their highest level this year, according to Vortexa data compiled by Bloomberg.

Russia has had higher-than-expected maintenance and repairs at its refineries in recent months after Ukraine stepped up drone attacks on Russian refining capacity earlier this year. In addition to unplanned repairs to repair damage caused by drones, some refineries underwent planned maintenance work that led to a drop in Russia’s fuel production and exports earlier this year.

In August, the Russian government said Moscow was extending its ban on gasoline exports from October until the end of December 2024 as it tries to keep domestic supply stable amid seasonal demand and scheduled refinery repairs.

While fuel exports appear to be recovering this month, the value of Russia’s crude exports has fallen nearly 30 percent since the end of June as falling international benchmark prices depress the value of cheaper Russian crude, Bloomberg estimated.

By Tsvetana Paraskova for Oilprice.com

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