Despite the sanctions, Russian exports of petroleum products have resumed. What is the reason?
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Economics
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Despite the sanctions, Russian exports of petroleum products have resumed. What is the reason?

Despite the sanctions, Russian exports of petroleum products have resumed. What is the reason?
Source:  Bloomberg

Despite EU and US sanctions, Russian exports of petroleum products recovered in the first half of September thanks to the resumption of diesel and fuel oil supplies against the backdrop of improved refining rates.

Points of attention

  • Despite EU and US sanctions, Russian exports of petroleum products have recovered thanks to the resumption of diesel and fuel oil supplies.
  • Export volumes of oil products increased to the highest level this year, in particular, the supply of fuel oil and diesel fuel increased by 10-13%.
  • The increase in export volumes is attributed to the acceleration of processing rates after the attacks on Russian refineries.
  • Drone attacks on oil refineries and oil depots in Russia have led to the suspension of some installations, but the resumption of oil processing has already taken place or is planned.

Russia has resumed exports of oil products

In particular, supplies of fuel oil jumped to the highest level for this year.

During the first 15 days of this month, sea exports of Russian oil products amounted to approximately 2.2 million barrels per day. This is almost 10% more, if compared with the average daily indicator in August.

Export of diesel fuel and gas oil amounted to about 807,000 barrels per day (+10%).

At the same time, the supply of fuel oil jumped by 13% to 749,000 barrels.

Last month, supplies fell to a four-month low due to reduced exports of fuel oil and diesel fuel, which accounted for 70% of all supplies of petroleum products from the Russian Federation.

The current growth is associated with the acceleration of processing rates. Previously, they decreased somewhat due to attacks by Ukrainian UAVs.

Ukraine strikes on Russian refineries: what is known

At the beginning of September, it was reported that the Moscow oil refinery, which belongs to the Russian company "Gazprom", suspended its work after a drone attack.

At the same time, it became known that it would take "five to six days" to resume oil processing at the Euro+ installation.

In August, there was a big fire at an oil depot in the Rostov region, which was attacked by drones. Satellite images of the oil depot showed thick black smoke and ignition sources.

According to OSINT analyst MT_Anderson, 14 fuel tanks were completely destroyed as a result of the attack. A few more turned out to be partially destroyed.

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