Russian seaborne fuel exports fell by 6.6% in July, primarily due to increased domestic demand and planned refinery maintenance.
Recent Ukrainian drone strikes have damaged several Russian refineries, forcing them offline and potentially leading to a further decline in refined product shipments in August.
The disruptions to refineries are expected to increase Russia’s crude oil exports as more unprocessed crude becomes available for shipping due to limited storage capacity.
Rising idle capacity points to decreasing fuel production and exports.
Total oil product exports in July via the Baltic ports of Primorsk, Vysotsk, St Petersburg and Ust-Luga fell by 5.4% month-on-month to 4.74 million tons, data from market sources showed.
Fuel exports via Russia’s Black Sea and Azov Sea ports last month decreased 10.5% on a monthly basis to 3.27 million tons.
Oil product exports from Russia’s Arctic ports of Murmansk and Arkhangelsk last month fell 41.8% from June to 39,700 tons from 65,900 tons.
Fuel export loadings at Russia’s Far East ports rose 15.3% month-on-month in July to 611,000 tons as local refineries completed seasonal maintenance, data from sources and Reuters calculations showed.