Russia’s seaborne exports of fuel oil and vacuum gasoil (VGO) dropped by 15% in February compared to the previous month, reaching approximately 3.3 million tons, according to trade and shipping data. The decline was driven by reduced refinery output, harsh winter weather, delayed port loadings, and ongoing Ukrainian drone attacks.
Drone strikes targeting Russian oil infrastructure continued into 2025, significantly affecting fuel production. Reuters, citing industry data, reported that around 2.28 million tons of Russia’s oil refining capacity were offline in January. By February, this figure had risen to 3.5 million tons, representing over half of the country’s total refining capacity.
The Ryazan refinery, operated by Rosneft and responsible for producing 4.3 million tons of fuel oil in 2024, suspended operations in January after suffering damage in a drone attack. In February, two more Rosneft-run refineries in Syzran and Saratov were also hit and forced to halt oil processing.
Fuel oil and VGO exports through the Baltic port of Ust-Luga fell by 8% in February, totaling around 1.5 million tons. This decline was partly due to the grounding of the tanker Koala, which experienced an engine room explosion. One of the port’s three loading berths remained shut for at least two weeks after the incident.
In the Black Sea, fuel oil shipments dropped by about 21% as severe winter storms disrupted tanker operations.
Despite the setbacks, traders said that cargoes delayed at both Baltic and Black Sea ports are expected to be loaded in March.
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