Product exports from the FSU fell by 12pc on the month to just over 10mn t in July,the lowest since September 2008,as Russia prioritised domestic supply.But overall FSU exports were steady on the year at 85.6mn t in January-July.Buoyant Russian demand for motor fuels,as Covid-19 lockdown restrictions were eased,outstripped higher domestic output,with Russian refineries boosting throughputs.Exports of all products were lower compared with June,apart from jet-kerosine-with shipments the highest since March.Exports of fuel oil fell by almost 12pc on the month to 3.88mn t and were 5.4pc lower than a year earlier at 28.8mn t in January-July.Reduced FSU exports of high-sulphur fuel oil(HSFO)have contributed to narrower-than-expected discounts relative to crude this year-HSFO averaged a $6.19/bl discount to Ice Brent crude futures in July,its narrowest since March 2019-supported by keen US refinery demand for transatlantic supply.
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