Russia's marine oil product exports in August 2023 reached 4.57 million tons, representing a 16.4% increase compared to July. This increase occurred due to the return of several refineries from unexpected maintenance. However, this amount is still 50% lower than the same level in August 2022.
Shipment Composition and Impact of Attacks
The shipment mix this month was more inclined towards naphtha and heavy fuel. Ukrainian drone attacks continue to damage refineries, and Moscow has restricted diesel exports. Most of the export improvement was observed in the Baltic Sea, where shipments from the Primorsk, Vysotsk, St. Petersburg, and Ust-Luga refineries increased by 32.7% compared to July, reaching 2.62 million tons. In contrast, exports from the Black Sea and Sea of Azov decreased by 25.3%, reaching 930,000 tons.
Read more: Japanese refiners' efforts to purchase Middle Eastern oil
Global Market Impacts
Exports from northern Russia, including Murmansk and Arkhangelsk, increased to 130,400 tons, a significant jump from 44,000 tons the previous month. Additionally, loadings from the Far East also rose by 34%, reaching 890,000 tons. However, these increases appear less impressive compared to last year. Russia's refinery system has been damaged by repeated Ukrainian attacks in 2023. Three of the country's largest diesel-producing refineries, namely Kirishi, Volgograd, and NORSI, are either shut down or operating at about a quarter of capacity. These six refineries account for nearly half of Russia's diesel production.
Moscow has recently extended the diesel export ban until October 31 to give refineries more time to complete repairs and rebuild domestic stocks before winter. Russia's diesel exports fell to below 1 million tons in June, while last year this figure averaged 2.5 million tons per month. Russia is one of the largest diesel exporters in the world, and the reduction of these shipments is keenly felt in the global market, which is facing a fuel shortage from the Middle East.
Read more: California Resources announced the sale of Uinta Basin assets for $90 million · Exchange of attacks between Russia and Ukraine while Trump announced a ceasefire
