Russia’s oil-product exports have fallen this month as local refining activity eased, at a time when some fuels exceeded Group of Seven price caps to potentially increase scrutiny on Western shipping service providers to move cargoes.
Shipments of Russia’s main products — including diesel, fuel oil and naphtha — dropped in the first 12 days of August, according to Vortexa Ltd. data compiled by Bloomberg. Most of those have breached price thresholds imposed by the G-7, complicating traders’ access to shipping logistics services and insurance.
Oil-product exports totaled about 2.29 million barrels a day so far, the lowest daily average since October, according to the Vortexa data compiled by Bloomberg as of Friday. That’s 14% below July’s total, when volumes hit a three-month high.
Below is a breakdown of Russia’s seaborne fuel exports from its western and eastern ports as of Aug. 12:
Diesel and gasoil exports eased to 1.04 million barrels a day, down 11% from the average for all of July. Turkey remains the top buyer of Russian diesel, while flows to Libya and Tunisia have risen this month.
Naphtha flows have dropped to a two-month low of 351,000 barrels a day, accounting for roughly 15% of Russian fuel exports. Shipments shrunk to major hubs like Singapore and China.
Gasoline and blending component exports halved to just 58,000 barrels a day, while jet fuel flows rose to a three-month high of almost 50,000 barrels a day.
Fuel oil shipments declined to about 680,000 barrels a day, the lowest since June 2022. Meanwhile, exports of refinery feedstocks like vacuum gasoil reached a three-month high of 109,000 barrels a day.
Export volumes are likely to be revised as new cargoes are observed for the rest of the month. Shipments in-transit may also update their final destinations.