MOSCOW: According to traders and Refinitiv data, Russia’s seaborne fuel product exports decreased by nearly 10% between February 1 and 12 compared to the same period in January because of the EU embargo, a shortage of tankers, and storm-related port closures.
Russian fuel blended with a product of origin from another third nation is exempt from the price cap imposed by the European Union, which also imposed a full embargo on Russian oil products as of February 5.
According to Russian Deputy Prime Minister Alexander Novak last week, the EU price restriction exemptions demonstrate the need for Russia’s petroleum.
Primorsk and Ust-Luga in Russia’s Baltic region kept to schedule with fuel loadings from January 1 to February 12, in contrast to St. Petersburg and Vysotsk, which experienced some decline, according to Refinitiv data. Occasionally, dealers had trouble finding tankers or experienced delays in getting to the export port.
One trader claimed that “some loading delays were due to the lingering EU decision on the price cap, and some shipowners were waiting for clarity.”
Fuel loadings at Vysotsk were 330,000 tonnes, down from 440,000 tonnes over the same time period previous month.
According to Refinitiv data, St. Petersburg only loaded half of the amounts during the same period in January—150,000 tonnes during 1–12 February.
Due to inclement weather, the Black Sea ports of Novorossiisk and Tuapse shut down for five to six days before reopening on February 10.
Another report stated that February is typically the stormiest and shortest month of the year for Russian ports.
Storm delays in Russian Black Sea ports might cause train traffic to back up, overstocking warehouses, and reduce refinery run times.