Unplanned refinery shutdowns and bad weather at key ports slowed fuel loadings. This is according to data from LSEG and market sources.

According to industry sources and calculations, the total exports of oil-based products from Russian ports in January was 9.12 million metric tonnes.

A series of drone strikes has damaged infrastructure in the Russian port of Taman, and disrupted operations at Lukoil's Volgograd, Ukhta, and LKOH.MM Volgograd refineries.

The Baltic Sea has also been a source of many challenges due to severe storms and ice conditions.

This time, unlike the two mild winters that preceded it, port authorities did not allow non-ice class tankers access to Russian Baltic ports.

Ice formation has been accelerated by a combination of shallow water depth, low salinity, and easterly winds, with a thickness of 25-30 centimeters.

Since mid-February non-ice-class vessels are not allowed to enter Primorsk and Ust-Luga. Vysotsk?and Saint Petersburg. Ice1 or Ice2 vessels with an icebreaker accompanying them have been permitted.

According to short-term forecasts, ice thickness is expected to increase to 45 centimetres in early March. This would require Ice3-class tanks to load oil and petroleum products into the Baltic.

Market sources say that oil product stocks are increasing?in ports, and storage tanks at refineries are scheduled to be shipped in March. This could lead to a surge in fuel exports, should the weather improve.

The traders are also expecting to see the completion of unplanned maintenance, such as at Tuapse Oil Refinery which was halted after a drone strike on December 31. (Reporting from Moscow; Editing done by Anil D’Silva).

(source: Reuters)