Russian Oil Product Exports Fell by 11% Last Year

by Ship & Bunker News Team
Wednesday January 24, 2024

The volume of oil products moving through Russian seaports fell by 11.5% last year compared to the previous year. Oil product volume stood at 123 milion mt in 2023.

The fall is attributed to sanctions imposed on Russia by western countries over Russia's invasion of Ukraine as well as weaker demand from European customers, Russian maritime news provider Portnews reports.

The fall off in oil product volumes was greatest in the fourth quarter on the back of export restrictions invoked to stabilise the internal market.

Overalll, cargo throughput at Russian ports was up by 5% over the period with the last quarter of 2023 posting a 6% decline. Cargo throughput in the Baltic region was up by 2%.

Looking ahead, further growth is expected as new terminal developments reach full capacity, according to the report.