Russia’s Fuel Shipments Slumped by 9% in 2024

Russia’s exports of refined oil products by sea declined by 9.1% in 2024 from a year earlier, due to low processing rates, drone attacks knocking out refineries, and export bans, Reuters reported on Friday, citing industry data. Russia shipped a total of 113.7 million metric tons of refined petroleum products last year, while its domestic refining slumped to a multi-year low level of 267 million tons in 2024, the lowest since 2012. The refining rates fell amid weak margins, unplanned refinery outages, and the export bans that Russia introduced…