BAKU, Azerbaijan, November 15. In October, the overall volume of Russian oil exports remained nearly unchanged, experiencing a marginal decrease of just 70,000 b/d compared to the previous month, settling at 7.5 mb/d.
According to the data provided to Trend by the International Energy Agency (IEA), at the same time, associated revenues saw a decline of $25 million, totaling $18.34 billion.
At the same time, seaborne shipments from Russia bound for Türkiye increased to 320,000 b/d, marking a 40,000 b/d month-on-month rise. Concurrently, cargoes destined for India saw a notable uptick of 90,000b/d, reaching 1.64 mb/d, offsetting an equivalent reduction to China at 2.1 mb/d.
Meanwhile, shipments to various other known destinations saw a collective decrease of 200,000 b/d during the month, including a 90,000 b/d reduction to the EU. Conversely, volumes heading to undisclosed destinations (later reallocated post-discharge) increased by a corresponding amount.
In terms of product exports, there was a decline in October. The most substantial impact was observed in cargoes heading to the Middle East, decreasing by 180,000 b/d to 130,000 b/d. Additionally, volumes eased for India (down by 120,000 b/d), China (down by 50,000 b/d), and Türkiye (down by 40,000 b/d), the IEA said referreing to the data from Kpler. This decrease in product exports was primarily attributed to fuel and feedstocks, which saw a reduction of 110,000 b/d to 960,000 b/d, and gasoline, declining by 30,000 b/d to 160,000 b/d. However, gasoil exports increased slightly by just over 10,000 b/d to 740,000 b/d.
As the IEA pointed out, the decline in Russian refinery throughputs and the need to boost domestic product deliveries likely contributed to the decrease in product exports, while crude exports saw an increase. The concentration of the product export decline in fuel and feedstocks may suggest an effort to maintain light product output despite lower refinery crude runs by utilizing conversion capacity.