- Russia is on track this month to ship its highest amount of oil products since the war, according to Vortexa data compiled by Bloomberg.
- Russia shipped 2.657 million barrels a day of its oil products in the first three weeks of November.
Russia is on track this month to ship its highest amount of oil products since launching its war on Ukraine early this year.
According to data from Vortexa compiled by Bloomberg, Russia shipped 2.657 million barrels a day of its oil products in the first three weeks of November worldwide, up from 2.223 million for all of October and approaching the 2.938 million barrels shipped in February, when Russia began its invasion.
Russia is still Europe's largest single refined oil products supplier, with shipments of diesel-type fuel to the EU and UK averaging 1.34 million barrels a day so far this month, surpassed only by the 1.4 million shipped in April and the 1.7 million shipped in October.
Russian diesel-type shipments to Europe this month are about 50% of what Europe purchased overall, meaning the continent remains heavily reliant on Moscow ahead of the EU's ban on Russian oil products in February.
The embargo on refined products will follow an EU embargo on seaborne imports of Russian crude that takes effect on Monday.
But alternatives to Russian oil products will be difficult to find after the embargo kicks in. US shipments to Europe have already been surging, and limited spare refining capacity means there is little additional margin to send more.