11 Apr 2024 16:12

Oil exports from Russia and Central Asia rise 3% MoM, 2% YoY in February

MOSCOW. April 11 (Interfax) - The overall volume of oil exports from Russia and Central Asia rose to 6.5 million barrels per day in February from 6.3 million bpd in January, which was 122,000 bpd more year-on-year, or about 2% higher year-on-year, OPEC said in its monthly report.

Growth was driven by increased supplies from the Pacific Ocean port of Kozmino, followed by the shipments to the Black Sea and the Baku-Tbilisi-Ceyhan oil pipeline. Exports increased by 340,000 bpd, or 6% versus last year.

Oil exports via the Transneft system recovered in February, increasing 135,000 bpd, or 4%, compared to January, to an average of 3.9 million bpd and rising 239,000 bpd, or 7% YoY. Shipments from the Black Sea port of Novorossiysk increased 87,000 bpd, or approximately 19% compared to January, to an average of 541,000 bpd. Exports from Baltic Sea ports decreased 67,000 bpd, or 4%, to an average of 1.5 million bpd. Supplies from Primorsk decreased 114,000 bpd, or 12%, to 826,000 bpd, while flows from Ust-Luga increased 47,000 bpd, or 8%, to 659,000 bpd.

Transportation via the Druzhba pipeline was slightly higher, averaging 300,000 bpd in February, while decreasing 57,000 bpd or 23% YoY. Exports to China via the Eastern Siberia-Pacific Ocean oil pipeline decreased another 15,000 bpd, or about 3%, to an average of 587,000 bpd, which is 11,000 bpd, or 2% down YoY. Exports from Kozmino totaled 940,000 bpd, an increase of 129,000 bpd, or almost 16%. This is 115,000 bpd, or 14% more YoY.

Transshipment via the Lukoil Varandey platform in the Barents Sea decreased 25,000 bpd, or 27%, to 69,000 bpd. On other routes, total exports from Russia's De-Kastri and Aniva Far Eastern ports decreased 21,000 bpd, or 8% in February to 254,000 bpd, which is 33.000 bpd, or 12% down YoY.

Exports from Central Asia in February averaged 207,000 bpd, which is 3% less than in January and 1% down YoY.

Total exports from the Black Sea CPC terminal fell 40,000 bpd, or almost 3%, to an average of 1.5 million bpd, an increase of 120,000 bpd, or 9%, YoY. Exports via the Baku-Tbilisi-Ceyhan pipeline in February increased 79,000 bpd, or almost 15%, and averaged 618,000 bpd.

Exports of petroleum products from Russia and Central Asia in February increased 190,000 bpd, or more than 7% versus January, to 2.8 million bpd. The increase was due to the shipment of fuel oil, vacuum gas oil (VGO) and gasoil, which more than compensated for the decline in prices for naphtha and gasoline. Total product exports in February were broadly stable YoY, with lower gasoline and naphtha prices offsetting higher fuel oil and VGO prices.