Russia’s shipments of refined petroleum products inched down by 0.8% in November compared to October as a plunge in exports from the Black Sea ports was offset by a jump in shipments from Baltic Sea terminals, Reuters estimates showed on Friday.
Ukrainian drone attacks on refineries in southern Russia and the Black Sea oil port of Tuapse crippled exports of fuels from the Black Sea export terminals last month.
The port of Tuapse suspended fuel exports for half of the month of November, due to the drone attack at the port infrastructure in early November.
An attack on another Black Sea port, Novorossiysk, also led to a slump in crude and fuel shipments.
As a result, Russia’s fuel exports from the ports on the Black Sea and Azov Sea crumbled by 30.2% month-on-month to 2.062 million tons in November, according to Reuters calculations and data from industry sources.
However, shipments of refined products from Russia’s ports on the Baltic Sea jumped by 20.6% from October to 4.697 million tons in November, especially after Russian energy firm Novatek restored its gas condensate complex at the Ust-Luga port to full capacity.
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Novatek’s Ust-Luga complex was damaged by a Ukrainian drone attack in August, and the company was repairing it for a few months before restoring it to full capacity in November.
Russia’s total oil exports – crude and fuels included – fell by about 420,000 barrels per day (bpd) in November to 6.9 million bpd, as buyers assessed the implications and risks associated with the U.S. sanctions on Russia’s top producers and exporters Rosneft and Lukoil, the International Energy Agency (IEA) said in its monthly report this week.
The drop in crude and fuel shipments in November combined with weaker oil prices and widening discount for Russia’s flagship Urals crude grade to slash Russian oil revenues to $11 billion last month, down by $3.6 billion from a year ago, the IEA has estimated.
By Tsvetana Paraskova for Oilprice.com
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