In November, Russia increased sea exports of petroleum products by 18%

Russian oil product exports rose more than 18% in November from a month earlier.

Seaborne shipments averaged about 2.3 million barrels per day in the first 20 days of November, up 18% from October, Bloomberg reported.

In particular, Russian refinery processing rates hit a three-month high in the first 20 days of November. That could reduce the amount of crude oil available for export while boosting supply of oil products.

Diesel and gasoil exports rose 17% from a month earlier to 827,000 b/d, the highest since July. While Turkey remains the top buyer of these cargoes, unusually large volumes are going to Asia, particularly Indonesia.

Oil shipments more than doubled from October levels to 530,000 b/d. b/d, the highest since March 2023. More volumes were sent to Mediterranean ports, including Turkey, Libya and Tunisia, as well as Brazil.

Fuel oil exports fell 6% to a six-month low of 626,000 b/d. Deliveries to Asia and the Middle East fell, while shipments to Africa rose. Exports of refined products, such as vacuum gas oil, jumped 65% to 245,000 b/d.

As previously reported by USM, Russia has set up new hubs for the transshipment of sanctioned oil near Greece.