Russian oil product exports have fallen to their lowest level in four years, following successful Ukrainian drone strikes on the country's oil refineries. Enkorr reports, citing data from S&P Global Commodities at Sea, exports of Russian oil products in April 2024 dropped significantly, registering a four-year low.
Tanker activity analysis indicates a significant downturn in Russian oil shipments. The damage sustained by several refineries due to the Ukrainian drone raids has resulted in decreased production and a subsequent export slump.
In the latter half of April, Russia's daily fuel, heavy oil, and other product exports totaled 1.94 million barrels - the lowest since 2020, amid the global COVID-19 pandemic. Diesel and heating oil exports in April averaged 737,000 barrels per day, a decrease of 137,000 barrels from March and 240,000 barrels less than January's figures.
"The average figures for April show a decline of 360,000 barrels a day compared to March, and almost 700,000 from January, when Ukraine began a barrage of drone strikes," the article notes.
Experts estimate that due to Ukraine's strikes, Russia has lost approximately 600,000 barrels per day of refining capacity. Restoring the damaged facilities is proving costly and complex due to sanctions. Despite these challenges, Moscow has so far managed to maintain control over the situation by ramping up production at refineries that were not affected by the strikes.
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Russian oil product exports slumped to a post-pandemic low in April, according to tanker tracking data, as Moscow battles to repair its Western refineries which remain under siege from Ukrainian drones.
Seaborne Russian export loadings of diesel, fuel oil, naphtha and other refined products picked up slightly in the second half of April to average 1.94 million b/d, according to S&P Global Commodities at Sea. The April average marks a 360,000-b/d slump on March and almost 700,000 b/d below January levels when Ukraine began a barrage of long-range drone strikes on Russian refining capacity. Flooding also took the 116,000-b/d Orsk refinery offline for two weeks during the month.
The last time Russian product exports fell below 2 million b/d was during the peak of COVID-19 lockdowns in mid-2020.
After a three-week hiatus, Ukraine launched one of its largest drone strikes to date on April 27, when 66 drones were downed over Russia's Krasnodar region, according to Russia's defense ministry, leaving both its Ilsky and Slavyansk refineries damaged. On April 30, a fire broke out at Russia's 342,000 b/d Ryazan refinery after a new drone strike on the facility.
Some 600,000 b/d of refining capacity currently remains offline as Russia rushes to repair damaged units, according to S&P Global Commodity Insights estimates, down from more than 1 million b/d last month.
Russia's biggest fuel exports -- diesel and gasoil -- averaged 737,000 b/d in April, down 137,000 b/d from the previous month and 240,000 b/d since January, the data showed. Russia's April oil product export slump was led by fuel oil, however, which shrank 147,000 b/d on the month and 220,000 b/d since January. Exports of naphtha, gasoline and VGO were down by 72,000 b/d, 58,000 b/d and 61,000 b/d on March respectively.
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