Russian oil product shipments surge

(MENAFN) Russia’s refined fuel exports have reached their highest levels in nearly a year, despite the recent imposition of new US sanctions on its energy sector. Seaborne shipments of Russian petroleum products averaged 2.5 million barrels per day (bpd) in the first ten days of January, marking an 11-month high and a 12% increase compared to December’s average. This surge is the highest since February 2024.

The US, in coordination with the UK, imposed sanctions last week targeting major Russian oil companies like Gazprom Neft and Surgutneftegaz, along with over 180 vessels allegedly involved in transporting Russian oil in violation of Western restrictions, known as the "shadow fleet." Despite these sanctions, only about 4% of petroleum exports from Russia in early January were carried on the sanctioned tankers, and no changes were reported in the shipping routes.

The rise in Russia’s refined fuel exports is primarily driven by increased shipments of diesel and fuel oil, with diesel and gasoil exports rising 17% from December to 1.08 million bpd, the highest level since February 2024. Fuel oil shipments also saw a 19% increase to 792,000 bpd, with the biggest gains in exports to Africa.

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