Russia increases oil exports by 50%

Exports of Russian petroleum products reached a nine-month high in the first half of November, due to an increase in oil refining after the end of seasonal maintenance. Bloomberg wrote this on Wednesday, November 20.

Deliveries of petroleum products averaged 2.33 million barrels per day in the first 15 days of November. This is 409 thousand barrels, or 21%, above the average for the same period in October. The average daily export volume was the highest since February.

Russia’s oil flow has been closely monitored to measure the country’s production since Moscow stopped publishing official production data.

Marine crude exports fell to their lowest level since September (based on a four-week average), while oil refining in the second week of November reached its highest level since late August.

The growth in the export of petroleum products is due to the increase in the supply of diesel fuel and oil.

Key indicators of exports from Russian ports (November 1-15):

· Diesel and gas oil: rose 23% compared to October to 875 thousand barrels per day, the highest level since July. The main markets are Türkiye and Asia.

· Oil: an increase of 50% (up to 524 thousand barrels per day), the highest figure since March. The main destinations are Asia, Brazil and UAE.

· Fuel oil: exports increased to 711 thousand barrels per day.

· vacuum gas oil: volumes increased by 9% (up to 192 thousand barrels per day).

· Gasoline and parts: recovered to 7.2 thousand barrels per day. In December, Russia intended to lift fuel export restrictions.

· Jet fuel: down to 17.2 thousand barrels per day.

Data on cargo volumes and destinations can be clarified if additional information about ports or ships is available.

Let’s remember that in March, against the backdrop of attacks on refineries, as well as an increase in demand, Russia introduced a ban on the export of gasoline for six months. The ban was later lifted, allowing fuel to be exported from the country from May 20 to June 30.