Russia's March seaborne oil product exports up 17% m/m -sources, Reuters calculations

April 12, 2023 01:56 PM MSK | By Reuters
Image source: Reuters

MOSCOW (Reuters) - Russia's seaborne oil product exports rose in March by 17.3% month-on-month on a daily basis, data from industry sources and Reuters calculations showed.

Volumes increased to 12.374 million tonnes from 9.531 million in February.

March oil product exports from Russian ports rose partially due to the volumes accumulated in February, market sources said.

A full embargo of Russian oil product exports to European Union countries went into effect on Feb.5, and the Group of Seven (G7) has also imposed price caps on Russian fuel shipments.

"Traders kept aside some export volumes in the first week of February awaiting price cap agreements, also some loadings were delayed due to stormy weather in (the) Black Sea," one of the sources added.

According to data from market sources, oil product exports via Russia-controlled Black Sea and Azov Sea ports rose by 42.4% last month to 5.094 million tonnes from 3.23 million in February, when storms disturbed tanker loadings.

Russian exports of fuel via the Baltic ports of Primorsk, Vysotsk, St. Petersburg and Ust-Luga rose by 2% in March on a daily basis to 6.4 million tonnes from 5.665 million tonnes.

Russia's Far East ports increased oil products export loadings by 20% on a daily basis to 765,000 tonnes from 576,000 tonnes, data from sources and Reuters calculations showed.

(Reporting by Reuters; Editing by Emelia Sithole-Matarise)

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