According to Bloomberg, Russia has resumed exporting oil products in the first half of September. This increase is driven by higher flows of diesel fuel and fuel oil, as well as improved processing rates.
Data from Vortexa Ltd. shows that seaborne oil product exports reached around 2.2 million barrels per day during the first 15 days of September. This is almost 10% higher than the average daily figure for the previous month.
The market is closely monitoring Russian oil exports to gauge production levels, as the country has stopped publishing official data. However, falling prices have put pressure on oil profits, despite a slight increase in crude oil deliveries to 3.21 million barrels per day during the second week of September.
In September, fuel oil deliveries saw a significant jump of 13% to 749,000 barrels per day, the highest level so far this year. Refinery feedstock flows, such as vacuum gas oil, also increased to a four-month high of 149,000 barrels per day.
Bloomberg attributes the growth in Russian oil product exports to the recovery in processing rates following an attack on one of its oil refineries. The publication also notes that supplies had dropped to a four-month low in August due to weak diesel and fuel oil flows, which make up about 70% of all oil product exports from Russia.
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