Russian oil exports to fall in 2024 - Drone attacks and Western sanctions among the main factors
Russian exports of oil products by sea fell by almost 10% in 2024 after Ukrainian drone attacks damaged key refineries. Higher financing costs and pressure from Western sanctions contributed to the decline, industry sources said.
Russia, one of the world's largest exporters of oil and fuel, along with Saudi Arabia and the US, has been trying to enter new markets in Asia and South America since Western states imposed sanctions following the start of the war in Ukraine in 2022.
Lower fuel exports mean Russian firms must increase crude oil exports to maintain revenues, but such options are only possible in India, China and Turkey, which still buy Russian oil despite sanctions and have their own large refineries.
Total Russian exports of all fuels, including crude oil and jet fuel, stood at 113.7 million metric tons last year, down 9.1% from 2023, two market sources told Reuters.
Total oil refining in Russia fell to about 267 million metric tons or 5.4 million barrels per day in 2024, the lowest level since 2012, due to unplanned outages and weaker refining margins.
Refineries were also put under pressure due to falling fuel prices, rising interest rates and a ban on gasoline exports from Russia.
The country's petroleum product exports increased 10.8% in December compared to a month earlier, reaching 10.37 million tons.
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