Russia's exports of oil products have fallen to their lowest level since the start of the full-scale invasion, as refinery shutdowns and tighter Western sanctions have disrupted the country's energy trade.

Source: Bloomberg

Details: According to data from Vortexa Ltd. compiled by Bloomberg, the average volume of seaborne oil product exports over the first 26 days of this month stood at 1.89 million barrels per day – the lowest level since at least early 2022.

Despite a slight increase in diesel exports, the total supply volume has declined due to weaker flows of crude oil and fuel oil, particularly from Baltic ports following attacks on the Ust-Luga export hub. Adverse weather conditions in the region in recent days may also have disrupted port operations.

The latest wave of sanctions targeting oil giants Rosneft and Lukoil has added further uncertainty, forcing traders to manoeuvre around payment routes and shipment schedules ahead of the 21 November US sanctions deadline.

In the short term, diesel exports remain relatively stable, as most shipments are directed to neighbouring markets such as Türkiye and Africa.

Crude oil and fuel oil flows are more vulnerable, with longer voyages to Asia putting some sanctioned cargoes at risk of delay.

As Russia no longer discloses official production data, traders are monitoring maritime shipments to gauge the country's oil output. According to Bloomberg's tracking, oil shipments have dropped from their highest level in nearly two and a half years.

Background: Russian airline Red Wings has faced widespread technical issues in its fleet: two of the three aircraft operating long-haul routes have gone out of service.

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