Russian Exports: Crude Touches 1-Year Low, Products Rise

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  • Ahead of the EU embargo, Russia’s exports of crude oil and gas condensate in November sunk to a one-year low of 4.6 million b/d.
  • Exports of petroleum products, however, touched a nine-month high as Europe loaded up on diesel and Russia boosted gasoline exports to record levels.
  • Russia’s exports of diesel and naphtha are scheduled to grow further in December.

Russia exported 4.6 million barrels per day of crude oil last month, a decline of 70,000 b/d from October and nearly 700,000 b/d from the 2022 high of 5.4 million b/d in May. The last time oil exports were this low was in November 2021, when Russia was still under Opec-plus restrictions and refining runs were considerably higher.

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