Moscow — Russian fuel oil exports fell 2.9% year on year to 2.72 million mt in February, according to data released March 22 by the Central Dispatching Unit, the statistical arm of the Russian Energy Ministry.
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Register NowFuel oil exports were down 6.4% from January shipments of 2.9 million mt, according to the data.
Export flows were down slightly in February due to higher domestic demand, which has been boosted by a cold spell. Russia uses fuel oil as a reserve fuel for power generation during the heating season. Buying by utilities has remained strong despite surging domestic prices, which were tracking the strengthening export netbacks.
Domestic fuel oil deliveries totaled 738,383 mt in February, up 23% month on month, and down 19% from February 2020 volumes.
Russian fuel oil output totaled 3.72 million mt in February, down 2.7% year on year. This is partially due to the extra day in February 2020.
Fuel oil exports by key producers (mt)
February 2021
January 2021
% change
Rosneft
1,146,657
1,213,418
-5.5
Lukoil
177,638
217,483
-18.3
Surgutneftegaz
546,499
502,499
8.8
Slavneft*
346,371
385,892
-10
Gazprom Neft
0
184,525
N/A
Afipsky refinery
83,275
85,937
-3
Bashneft
40,243
1,514
2,558
TAIF-NK
85,182
13,004
555
Orsk refinery
50,168
15,508
223
Domestic fuel oil deliveries by key producers (mt)
February 2021
January 2021
% change
Rosneft
157,495
192,142
-18
Lukoil
72,959
94,035
-22.4
Surgutneftegaz
587
202
190
Slavneft*
75,660
70,855
6.8
Gazprom Neft
119,853
27,160
341
Bashneft
121,649
51,828
135
TAIF-NK
52,463
42,004
25
Orsk refinery
4,725
11,097
-57
* Slavneft is 50:50 owned by Gazprom Neft and Rosneft
Source: CDU Russian Energy Ministry
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RUSSIA DATA: Russian Feb fuel oil exports down 2.9% on year at 2.72 mil mt - S&P Global
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