(Bloomberg) -- Russian oil-product exports rebounded in November to the highest in eight months as local refineries ramp up production with the end of autumn maintenance.
Seaborne fuel shipments averaged about 2.3 million barrels a day in the first 20 days of the month, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s 18% higher than in October, with elevated diesel and naphtha flows more than offsetting a drop in fuel oil.
Russia’s oil sales are being closely monitored by the market to get a sense of its production since official output data is classified. Four-week average volumes of seaborne crude exports saw their biggest drop since July.
Meanwhile, processing rates at Russian refineries reached a three-month high in the first 20 days of November. This may have reduced the amount of crude available for exports, while boosting the supply of refined oil products.
Here’s a breakdown of shipments from Russian ports for Nov. 1-20:
Diesel and gasoil exports climbed 17% from the previous month to 827,000 barrels a day, the most since July. While Turkey remains the top buyer of these cargoes, unusually strong volumes are sailing toward Asia, notably to Indonesia.
Naphtha shipments jumped by more than half from October levels to 530,000 barrels a day, the highest since March 2023. More volumes were sent to Mediterranean ports — notably Turkey, Libya and Tunisia — as well as Brazil.
Fuel oil exports slipped by 6% to a six-month low of 626,000 barrels a day. Shipments to Asia and the Middle East dropped, while flows to Africa climbed. Exports of refinery feedstocks like vacuum gasoil jumped 65% to 245,000 barrels a day.
Flows of gasoline and blending components more than tripled to 12,000 barrels a day. Russia is set to lift its ban on most gasoline exports in the coming days. Jet fuel shipments more than halved to 16,000 barrels a day.
Cargo volumes and destinations are likely to be revised if more port data or vessel information becomes available.
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