After a massive increase of total base oil exports in Russia in December when they rose to the highest level in 10 years, in January the number slightly dropped to 116.81kt which is 13.7% less. It is also 4,3% less than in January 2020 – back then the exports were 121.94kt.
In January, as well as in December there were no exports by river due to the weather conditions. In November river exports reached 12kt.
Exports of 65.65kt to Baltic terminals in January were the highest since the beginning of 2018. They grew 9.8% comparing to the previous month with a number of 59.15kt.
Base oil exports of Lukoil’s Volgograd refinery fell to 12.75kt which is 41.8% less than in December. The capacity of this refinery is 560.000 tons per year. The refinery has been closed for maintenance for January-February 2021.
The Russian domestic demand keeps dropping and now it reached the lowest level in almost three years.