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Russia Loading Activity Update (26 Jan 2023)

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Petro-Logistics is the market’s leading data provider on Russian oil flows, putting its clients in a position of knowledge and awareness as changes occur. The below report was distributed to clients on 26 January 2023. Please request a trial or contact our U2FsZXMgVGVhbQ== for access.

Seaborne exports of Russian crude continue to increase as Transneft redirects Druzhba barrels to the Baltic ports of Primorsk and Ust-Luga, while also drawing on stocks accumulated in Q4.

REBCO exports from Primorsk are above 1 mb/d for the second week running and up 61% m/m with Rosneft supplying almost 400 kb/d, the most since April 2020.

A rare Rosneft-supplied Siberian Light crude cargo loaded last week, Rosneft’s first since July when their export-oriented Tuapsinsky refinery, which runs on Sib-Light, returned online after being idle for 3 months – potentially a sign of decreased refinery runs. That said, refined product exports here are at their highest since August.

More VLCCs arrive at Gibraltar to load Russian crude via Ship-to-Ship transfers, one of which took only 2 cargoes (out of a possible 3) and went through Suez, onto India. Some VLCCs in the area were also active in STS activity by the Azores Islands last year, all of which headed to China, sailing via the Cape.

Refined products exports in January have been supported by strong Diesel exports in the second half of the month, thanks in part to an increase in larger tankers (LR2) calling at the port of Primorsk to load.

Diesel is increasingly heading to North Africa and Turkey but STS transfers onto larger tankers are also on the rise.

Fuel Oil exports are rebounding following last week’s port closures in the Black Sea. Naphtha exports are lower m/m but are set to increase next week. Exports of Jet fuel are down to zero as the Istanbul airport stops buying.

Russian Crude Oil and Refined Product Export Volumes

Array of graphs showing Russian exports of crude oil and refined products