Russia Turns to South Korea as Fuel Supplies from Ukraine Suffer
Russia has turned to South Korea for fuel as refineries continue to face supply constraints due to Ukrainian drone attacks. In July, Russia imported some 30,000 metric tons of fuels from South Korea, which included diesel fuel and jet fuel.
According to ship-tracking data from Kpler and Vortexa, at least two short-range tankers were loaded with fuels in South Korea and sent to Russia's Far East. One has already arrived at its destination.
Russian refineries' throughput fell last month to the lowest since 2002, at 3.6 million barrels daily, which is over 30% below the seasonal average. Meanwhile, crude oil production in Russia is rising, with an average of over 9 million barrels daily in July, up by about 100,000 barrels daily from June's average.
The Ukrainian attacks have prompted Russia to institute a ban on diesel fuel exports that was recently extended to the end of the year. This has aggravated an already tight supply situation in global diesel fuel, particularly for Europe.