Russia’s oil product shipments climbed to a three-month high in September, even as diesel flows slumped because of a government export ban.
Total seaborne refined-product exports reached about 1.17 million barrels a day, with diesel weakness more than offset by stronger flows of fuel oil and naphtha, Vortexa data show.
Diesel and gasoil shipments dropped to just 144,000 barrels a day, the lowest monthly volume in Vortexa data going back more than a decade. Russia has been restricting diesel exports to shore up domestic supplies following Ukrainian attacks on its refineries. Officials are considering allowing some producers to resume shipments this month to avoid overstocking, according to Interfax.
Russia last month paid oil companies the biggest subsidy in more than four years to supply road fuels to the domestic market as drone attacks continued.
Here’s a breakdown of oil product exports from Russian ports in September, compared with the daily average for August:
Shipments of diesel, or gasoil, tumbled 28% month-on-month, though cargoes bound for Brazil increased.
Naphtha exports jumped 35% to 363,000 barrels a day, with shipments from Baltic ports surging almost 50% as Ukrainian attacks disrupted Black Sea infrastructure. Flows of gasoline and blending components totaled about 19,000 barrels a day. No jet fuel shipments were observed.
Fuel oil shipments gained 6% to about 613,000 barrels a day, the highest since April. Volumes from Baltic ports accounted for almost 80% of cargoes. Exports of refinery feedstocks, including vacuum gasoil, rose to about 32,000 barrels a day.
NOTE: Cargo volumes and destinations are likely to be revised as more details emerge.