Russian diesel and gasoline boost helps its fuel exports rebound

Russia’s oil product exports rebounded in November as the easing of restrictions on road fuels and the end of refinery maintenance boosted flows.

Refined fuel shipments climbed to 2.2 million barrels a day, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s roughly 164,000 barrels a day higher than in October, when volumes slid to a three-year low. The increase happened even though stormy weather caused significant disruption to exports from Russian ports.

The market closely watches the nation’s exports to gauge its production since Moscow stopped releasing official output data. Russia has pledged to deepen export cuts to 300,000 barrels a day for crude and 200,000 barrels a day for oil products from May-June levels during the first quarter of next year.

The country’s four-week average seaborne crude exports fell to the lowest in three months as of Dec. 3, as storms in the Black Sea affected shipments. Even so, oil product exports rose last month on the back of more diesel, gasoline and dirty refined fuel shipments.

Weekly data through Dec. 2 showed higher road fuel exports even as refinery rates dwindled in late November. Russia’s ban on exports of some winter-grade diesel remains in place.

Here’s a breakdown of oil product shipments from the country’s ports for November:

Exports of diesel and gasoil grew 12% from October’s level to a three-month high of 894,000 barrels a day last month, as Russia relaxed export restrictions on most types of fuel. Much of the cargoes were shipped to Africa and South America, notably to Brazil.

Naphtha shipments eased about 3% to 362,000 barrels a day, the lowest since August. Flows to Asia declined to a five-month low, with increased volumes heading to the Middle East and Africa.

Gasoline and blending component outflows jumped by a quarter to 75,000 barrels a day as the ban on exports was withdrawn. Jet fuel shipments slumped to 8,000 barrels a day, the lowest since April 2022.

Fuel oil exports rose about 4% to 727,000 barrels a day, while flows of refinery feedstocks like vacuum gasoil jumped to a six-month high of about 149,000 barrels a day.

Cargo volumes and destinations may be revised if more port data or vessel information becomes available.