OREANDA-NEWS  In September 2024, the export of fuel oil from Russia may grow to a record level since February 2022. This is reported by Bloomberg with reference to data from the Vortexa analytical firm.

The supply of Russian fuel oil by sea has sharply decreased after the United States banned Russian imports in response to the outbreak of the civil war in Ukraine and the embargo on the import of Russian fuel by sea to EU countries. However, despite the restrictions, in September shipments may soar to the highest level since the beginning of the conflict — 852 thousand barrels per day.

Fuel oil is a cheaper product that remains after the production of gasoline and diesel fuel at refineries. It is often used on ships and power plants, and Russia is one of the main suppliers of this type of fuel to world markets.

The growing export figures of Russian fuel oil may indicate the shutdown of the refinery in connection with the autumn repair season. The decrease in activity at the so-called secondary installations of refineries, which usually process fuel oil, may have freed up more supplies for export, explained Pamela Munger, senior market analyst at Vortexa.

Since August, the largest importers of fuel oil from the Russian Federation have been mainly Asian countries. The main buyers of fuel are China and India (by the end of the summer, imports increased by one and a half times, to more than 150 thousand barrels per day). At the same time, buyers from Saudi Arabia (110 thousand) showed a noticeable interest in such products. China became the absolute leader in terms of imports — it accounted for about 20 percent of August supplies of Russian fuel oil, or about 220 thousand barrels per day.