RUSSIA DATA: Russian Feb fuel oil exports down 2.9% on year at 2.72 mil mt

Moscow — Russian fuel oil exports fell 2.9% year on year to 2.72 million mt in February, according to data released March 22 by the Central Dispatching Unit, the statistical arm of the Russian Energy Ministry.

Fuel oil exports were down 6.4% from January shipments of 2.9 million mt, according to the data.

Export flows were down slightly in February due to higher domestic demand, which has been boosted by a cold spell. Russia uses fuel oil as a reserve fuel for power generation during the heating season. Buying by utilities has remained strong despite surging domestic prices, which were tracking the strengthening export netbacks.

Domestic fuel oil deliveries totaled 738,383 mt in February, up 23% month on month, and down 19% from February 2020 volumes.

Russian fuel oil output totaled 3.72 million mt in February, down 2.7% year on year. This is partially due to the extra day in February 2020.

Fuel oil exports by key producers (mt)

Domestic fuel oil deliveries by key producers (mt)

* Slavneft is 50:50 owned by Gazprom Neft and Rosneft

Source: CDU Russian Energy Ministry