OIL PRODUCTS
Russian oil product exports have declined in the first 15 days of February, with shipments dropping to 2.3m b/d, 8% below January’s average, Bloomberg reports citing Vortexa data.
- January volumes were the highest in 11 months.
- Declines were primarily driven by the tapering off of unusually strong diesel flows in January due to high supply from refineries in Primorsk, Bloomberg reports, citing a Vortexa analyst.
- Fuel supplies have been constrained amid a barrage of drone attacks on Russian refineries.
- However, crude-processing rates grew marginally in early February in a sign of recovery.
- “Persistent outages and drone related incidents may keep product exports down in the short term”, a Vortexa analyst said.
- Diesel/gasoil exports declined by 16% from January levels to 985k b/d.
- Naphtha shipments rose 21% to 483k b/d.
- Fuel oil flows stood at 644k b/d, the lowest in nine months.
- Refinery feedstock exports including vacuum gasoil more than halved from January levels, to 57k b/d.
- Gasoline and blending component exports jumped to a seven-month high at 85k b/d ahead of a possible ban on export of the road fuel.
Source: Vortexa data compiled by Bloomberg
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