(Bloomberg) -- Russia’s refined fuel exports climbed to the highest in a month and a half last week as flows of most finished products rose, reversing the slump seen over the previous seven days.

Exports averaged 2.63 million barrels a day in the four weeks to Jan. 28, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s about 134,000 barrels, or 5%, higher than the revised figure for the previous week. The more volatile weekly flows surged 52% from the revised figure for the previous week to 2.99 million barrels a day in the fourth week of January.

Moscow has pledged to curb exports of refined products by 200,000 barrels a day in the first quarter, compared with the May-June 2023 baseline, estimated at 2.28 million barrels a day from the Vortexa data. That puts the latest four-week average shipments 528,000 barrels a day above the first quarter target. The weekly figure exceeded the target by 884,000 barrels a day.

Russian seaborne crude exports fell below their target level in the four weeks to Jan. 28, with storms battering exports last week. Overall shipments of crude and refined products in the most recent four-week period were broadly in line with the target. Russia has made its pledged cuts in overseas supplies of oil, Deputy Prime Minister Alexander Novak said on Saturday.

Drone attacks on several Russian refineries could impact refined products exports in the coming weeks. Plants at Ust-Luga on the Baltic and Tuapse on the Black Sea have both been hit, while a drone was shot down near the refinery at Yaroslavl. Damage to a compressor unit at the Norsi refinery in Nizhny Novgorod adds to issues affecting the refining sector.

Here’s a breakdown of shipments from Russian ports for the week to Jan. 28: 

Diesel and gasoil exports jumped by 42% from the previous week to 1.43 million barrels a day, according to the Vortexa data. That’s the highest since August.

Shipments to buyers in Africa jumped by 82% to exceed 500,000 barrels a day, their highest in five months. 

While Russia has eased earlier curbs on overseas shipments of road fuels, some restrictions on the export of winter-grade diesel remain. The energy ministry has allowed outflows only for fuels delivered to ports by pipeline and refiners need to keep at least 50% of their output at home.

Though gasoline makes up only a small part of Russia’s refined product exports, shipments dropped sharply in the week to Jan. 28. The decline comes after an incident at Lukoil’s Norsi refinery, with the government reported by IFX to be considering a ban. Shipments fell by 46% to 106,000 barrels a day from the revised figure for the previous week.

Naphtha shipments rose by 12% to about 301,000 barrels a day. One cargo of jet fuel was loaded from St. Petersburg in the week to Jan. 28, according to Vortexa, and is heading to Mexico.

Fuel oil exports jumped by 64% to a four-week high of 757,000 barrels a day, with a sharp drop in cargoes sailing toward the Middle East more than offset by increased shipments to Asian and African destinations.

Exports of refinery feedstocks like vacuum gasoil soared to 354,000 barrels a day from a revised 36,000 barrels a day the previous week, taking them to a five-week high.

Cargo volumes and destinations are likely to be revised as more port data or vessel information becomes available.

©2024 Bloomberg L.P.