Russia’s petroleum product exports fell to their lowest level in October since the start of the war in Ukraine, according to Bloomberg agency, citing data from analysis company Vortexa Ltd. In the first 26 days of the month, the average daily export was 1.89 million barrels, the smallest volume recorded since January 2022.
According to the source, the main reason for the dramatic decline is the massive shutdown of Russian refineries, as a result of Ukrainian air strikes, as well as the tightening of sanctions imposed by the West.
At the same time, the volume of crude oil processing in Russia has reached a five-year low, estimated by Bloomberg at 4.86 million barrels per day — almost 10% less than in July. Since the beginning of August, Ukrainian forces have hit 22 refineries, completely or partially destroying their production capacity.
The most significant impact on total exports has been the decline in shipments of crude oil and fuel oil, especially from Baltic ports, following attacks on the strategic hub Ust-Luga, which manages over 60% of Russia’s oil exports. Also, unfavorable weather conditions in the region have affected port activity.
The only exception is diesel exports, which have seen a modest increase, despite other logistical problems.
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