The agency said the drop in shipments of petroleum products to the Russian Federation was affected by repairs at refineries after the drone attack.
Exports of Russian oil and petroleum products in March 2024 increased by 210 thousand barrels per day compared to the previous month – to 7.84 million b/d (by 2.8%), and revenues from -export of oil decreased by 20% – to $9.3 billion This is confirmed by the monthly report of the International Energy Agency (IEA).
Ukraine’s intensified attacks on Russian oil refineries in March led to an increase in oil exports, while shipments of key petroleum products fell, experts said. Russian oil exports increased by almost 400 thousand b/d compared to the previous month, while the supply of petroleum products decreased by almost 200 thousand b/d. The decrease in product shipments was affected by repair work at the refinery. The biggest losses were seen in gasoline, which was a result of the export ban at the end of February.
Russian oil prices on average in a month rose by $1.8 per barrel, facilitated by the situation in the international market and stable demand, despite the tightening of sanctions from the United States.
In the first ten days of April, export prices for Russian fuel in terms of FOB averaged about $93.5/b, gasoline – $87.5/b, diesel fuel – $95.5/b, VGO – $66.9 /b and fuel oil. . – $52.5/b.
The IEA also cut its 2024 oil demand forecast by 130,000 barrels per day to 102 million b/d due to weak consumption in the first quarter and concerns that high oil prices will dampen demand.
According to the IEA, oil demand growth in the first quarter of 2024 showed the smallest year-on-year increase since the first quarter of 2023, amounting to 1.6 million b/d. The IEA believes that the reasons for this are extremely hot weather and a prolonged decline in production in countries with developed economies.
Analysts believe that the increase in demand for oil in China, hampered by COVID-19, has effectively run.
The IEA estimates that commercial oil inventories rose by 43.3 million barrels in February to a 7-month high, with water inventories at a 15-month high. In contrast, onshore stocks fell to their lowest levels since 2016.
Let’s remember that in Russia they reported a sharp increase in income in the first quarter, including due to a one-time tax payment and an increase in oil prices.
Source: korrespondent
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