Refinery upgrades are driving a surge in vacuum gasoil (VGO) production and exports from the FSU, with output more than doubling on the year in the first quarter. VGO exports from Baltic and Black Sea ports rose by 459,000t to 2.75mn t, with the sharpest hike coming on the Black Sea, where shipments grew by 67pc to 1.07mn t. The US took 265,000t of Black Sea VGO in the first quarter, against nothing in the same period last year. Black Sea exports to the Mediterranean fell to 539,000t from 589,000t. Malta, Haifa in Israel and Tutunciftlik and Dortyol in Turkey were the key destinations. Cyprus, Croatia, Italy and Spain also took cargoes.
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