Russian Exports: January Spike Gives Way to February Jitters

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  • February shipping data point to a decline in products exports, as well as stranded cargoes, possibly explaining Moscow’s decision to cut crude production.
  • Russia’s exports of crude oil and petroleum products reached 7.9 million b/d in January, the highest level since April.
  • Crude exports in January amounted to 4.85 million b/d, slightly higher than the average for 2022.
  • Last month’s exports of products, including by rail, exceeded 3 million b/d for the first time since the start of the war in Ukraine.

“Eleventh hour” purchases of Russian fuel led to a steep climb in January exports — just ahead of the European Union’s embargo on product imports that went into effect on Feb. 5. Seaborne exports of crude soared by 27% to 3.66 million barrels per day, the highest since April when Russia saw a postwar surge in crude-buying. Shipments out of the Baltic Sea surged 60% on a monthly basis to 1.65 million b/d.

Crude Oil, Oil Trade, Oil Products, Diesel/Gasoil, Gasoline, Sanctions, Ukraine Crisis
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