Russia on Track to Ship the Most Oil Products since the War

• According to Vortexa data from Bloomberg, Russia is on track to ship its largest oil product shipment since the war.
• In the first three week of November, Russia shipped 2.657 millions barrels per day of oil products.
• This is partly due to the fact that Europe is struggling to wean herself off Russian oil products and, in particular, Russian diesel.

Russia is on track to ship its highest oil products shipment this month since the beginning of its war on Ukraine.

Data from Vortexa, compiled by BloombergRussia shipped 2.657 Million barrels per day of its oil products to the world in the first three weeks November. This is an increase of 2.223 million barrels for October and close to the 2.938million barrels shipped in February when Russia invaded.

Russia is still Europe’s largest single refined oil products supplierWith shipments of diesel-type fuel to Europe and the UK at an average 1.34 million barrels per day, this month’s figures are only beaten by the 1.4million shipped in April and the 11.7 million shipped October.

Russia’s diesel-type shipments of fuel to Europe this month represent about half of what Europe bought overall. This is a significant increase in dependence on Moscow, even before the EU ban on Russian oil products in Februar.

The EU embargo placed on refined products will be in place of the embargo placed on Russian crude seaborne imports that went into effect on Monday.

After the embargo goes into effect, it will be difficult to find alternatives to Russian oil products. The US has been sending more oil products to Europe than ever before, and there is not enough spare refining capacity to send more.