Commodities
Russian Fuel Exports Stumble in Early Days After European Ban
- Refined product shipments set to drop 37% below average
- Diesel flows have plunged since restrictions began Feb. 5
Workers load a tanker truck with petroleum fuel at the Taneco Oil Refining and Petrochemical complex in Nizhnekamsk, Tatarstan, Russia.
Source: Bloomberg
This article is for subscribers only.
Russian fuel exports are showing signs of a slowdown just five days after the European Union — Moscow’s main market — banned seaborne shipments of its refined oil products.
Flows of petroleum products ranging from diesel to jet fuel are set to tumble to about 1.9 million barrels a day in the week after the sanctions took effect, according to data from Vortexa Ltd. compiled by Bloomberg. That’s about 37% below average levels during the previous four weeks.