Daily Energy Report

Russia fuel oil exports, firms seek Venezuelan licenses, Russia to meet quota, China’s Russian oil buying, Sudan refinery destroyed, TotalEnergies criticizes France, and more.

Chart of the Day: Russia’s Fuel Oil Exports by Destination

Summary

Figure (1) above shows Russian fuel oil exports by destination since early 2022, before the invasion for Ukraine. Some importers disappeared completely because of sanctions, especially the US (Red) and the Netherlands (Pink). Meanwhile new importers emerged such as China, India, Malaysia, Turkey, and others. Fuel oil exports decreased from their highs before the invasion. This decrease accelerated in recent months as the drone attacks intensified. 

EOA’s Main Takeaway

There is no doubt that Ukraine drone attacks on Russian refineries and fuel depots have reduced production at various refineries, but the media has exaggerated the impact. In recent months, the decline, which also resulted from refinery maintenance, reached about 200 kb/d.