Russian Oil Product Exports Drop Sharply as Refinery Repairs Limit Output

Russia’s exports of oil products declined by 17.1 percent in September compared with August, and by 17.8 percent year-on-year, according to sources cited by Reuters. The downturn was mainly attributed to planned maintenance at several oil refineries across the country.

Refinery Repairs Curb Fuel Output

The reduction in refinery output was identified as the primary driver behind the export slump. Toward the end of the month, the situation improved slightly — in the first half of September, exports had been down by around 18 percent. Analysts noted that the sharpest declines were recorded in shipments through Azov and Black Sea ports, which fell by 23.2 percent. The Baltic ports reported a smaller 15.4 percent decrease, while exports via Arkhangelsk and Murmansk rose by 1.8 percent, though their overall contribution remained minor.

Oil Shipments Rise Despite Fuel Shortfall

In contrast, the Center for Price Indices (CPI) reported a 12.8 percent increase in total maritime exports of Russian crude oil, reaching 476,000 tons. Of this, 172,000 tons were shipped to China, underscoring strong demand from Asia even as refined fuel exports declined.

Fuel Prices Hit Near-Record Levels

According to data from the St. Petersburg International Commodity Exchange, on Monday, October 13, the price of AI-92 gasoline climbed to 74,167 rubles per ton, while diesel fuel reached 73,551 rubles per ton. The AI-92 price approached the all-time record for the exchange, and diesel prices hit their highest level since September 2023. Meanwhile, AI-95 gasoline fell slightly by 0.33 percent to 80,031 rubles per ton.

Government Vows to Stabilize Fuel Market

Finance Minister Anton Siluanov assured lawmakers that the fuel supply issues affecting multiple Russian regions would soon be resolved. Speaking before the State Duma, he acknowledged that “certain supply constraints” were still in place. The Energy Ministry also noted that a moratorium on the removal of the fuel damper mechanism, introduced by President Vladimir Putin and extended until May 2026, should help stabilize the domestic market.

“The moratorium gives producers an incentive to keep prices in check, preventing them from losing state compensation due to high market prices,” the ministry emphasized.

Without the moratorium, fuel producers risked losing budgetary subsidies once prices exceeded a certain threshold — a situation that previously discouraged them from keeping prices down.