Russian base oil exports decrease 12% in January

11.11.2021 News
Russian base oil exports decrease 12% in January

Base oils exports by railroad from Russia dropped 12% compared to the previous month to 109’000 tons of base oils. It is the lowest January volume in three years. 

January decline in exports came after record-high exports in December, when they reached 123’000 tons. The main reason for export decrease were congestions in Russian and Baltic ports: railroad did not confirm most of rail plans for the most popular base oils destinations: Riga, Liepaja and other reloading points in Latvia in January.  

Black Sea export volumes decreased more than threefold comparing to the previous month after a continuous increase from October. In December it was 28’000 tons and in January fell to 11’000 tons. It is almost 2 times less than in January 2021 and the lowest volume since at least 2017. Black Sea loading dropped on low demand from Mediterranean countries, specifically from Turkey, where local currency depreciated, and inflation reached 36% per year in December 2021.

Baltics exports declined by 15% in comparison with the previous month. Overland base oil exports also dropped in January – now the volumes are 22% less than in December. 

Rosneft’s base oils exports from Novokuibyshevsk dropped by 39%, Lukoil’s Volgograd exports fell by 4%. Export volumes from other Russian refineries were stable.  

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