Russia has reached record exports of petroleum products over the past 5 months
8 January 10:03
In December 2024, Russia reached the highest level of growth in petroleum product exports in the last five months. This was facilitated by the completion of scheduled maintenance at Russian refineries, "Komersant Ukrainian" reports with reference to Bloomberg.
According to Bloomberg’s data from the analytical company Vortexa Ltd., sea deliveries of oil products from Russia reached 2.24 million barrels per day. This is 12% higher than in November and the highest level since July 2024.
It is important to note that these export data have become especially important after Russia classified official statistics on oil production. Now, export flows have become a key indicator for assessing the overall state of the country’s oil industry.
Interestingly, despite the increase in exports, in December, crude oil production in Russia fell below the quota set by the OPEC agreement. This information came from sources with access to the data of the Russian Ministry of Energy.
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Mid-December was marked by a record level of refining at Russian refineries over the past 17 months, which led to an increase in fuel production. The largest growth was observed in exports of diesel and naphtha gasoline.
However, compared to December 2022, total refined fuel exports were 10% lower. Even more telling is that average export volumes in 2024 were 12% lower than in 2022, when European countries were still buying Russian petroleum products.
The growth in exports of diesel fuel and gasoil was especially noticeable: in December, Russia exported 899 thousand barrels per day, up 17% compared to the previous month. Deliveries to African ports increased significantly, by 33%.
Turkey and Brazil remained the main buyers of Russian diesel throughout the year. However, exports to African countries, in particular to Libya, Tunisia and Egypt, increased significantly, indicating a reorientation of Russian exports following the imposition of sanctions by Western countries.
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