(Bloomberg) -- Refined fuel flows from Russia edged higher in September, as a pick-up in shipments of diesel and fuel oil helped buoy exports from multi-year low observed in the previous month.
The nation’s petroleum product exports climbed to about 2.1 million barrels a day last month, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s just 9% higher than the levels in August when shipments slumped close to the lowest monthly volumes in recent years.
Seaborne oil exports from Russia are one of the indicators industry watchers look at for clues on crude output in the nation, since Moscow classified official production data.
Russia’s oil output dropped in September to below its OPEC+ target level. Meanwhile, the four-week average crude flows climbed to 3.26 million barrels a day in the week to Sept. 29.
Fuel outflows have remained lackluster in September with only a marginal increase, mainly in diesel and dirty fuels shipments. Naphtha exports slipped. Seasonal refinery maintenance in Russia in recent months has cut down fuel output, limiting the products available for export.
Here’s a breakdown of shipments from Russian ports in September:
Diesel and gasoil exports gained by 9% from a month earlier to about 792,000 barrels a day. That’s little changed from the same time last year when Russia banned the export of diesel to stabilize domestic retail prices. Cargoes to Brazil grew in September to a three-month high.
Naphtha outflows dropped by 2% from August levels to about 376,000 barrels a day. Shipments to Africa, mainly Libya and Togo grew, while flows to all other regions tumbled.
Gasoline and blending component outflows climbed to 72,000 barrels a day and jet fuel flows were at 38,000 barrels a day.
Fuel oil shipments climbed in September by 8% from the previous month to 726,000 barrels a day, the highest for the year. Refinery feedstock like vacuum gasoil jumped by 41% last month to 139,000 barrels a day.
Cargo volumes and destinations are likely to be revised if more port data or vessel information becomes available.
©2024 Bloomberg L.P.
