Russian oil product exports rebound in September

Russian oil product exports surged by nearly 10% in the first half of September, hitting 2.2 million barrels daily.

Sep 21, 2024 - 14:00

Russian oil product exports rebound in September

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Bloomberg has reported that the export of oil products from Russia resumed in the first half of September, driven by increased diesel fuel and fuel oil flows and improved processing rates.

Seaborne oil product exports reached approximately 2.2 million barrels per day during the first 15 days of September, according to data obtained by Bloomberg from the analytical company Vortexa Ltd. This figure is nearly 10% higher than the average daily figure for the previous month.

The market closely monitors Russian oil exports to assess production volumes, as Moscow has stopped publishing official production data.

The country’s oil profits are under pressure, as falling prices have more than offset a slight increase in the four-week average crude oil deliveries to 3.21 million barrels per day during the second week of September.

In September, fuel oil deliveries jumped by 13% to 749,000 barrels daily, the highest level this year. Refinery feedstock flows, such as vacuum gas oil, increased to a four-month high of 149,000 barrels daily.

Bloomberg explains the growth in Russian oil product exports by the recovery in processing rates after an attack on its oil refinery.

The publication notes that supplies fell to a four-month low in August due to weak diesel and fuel oil flows, which together account for approximately 70% of all oil product exports from Russia.

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