Russian Fuel Exports Rebound 16% in August, Still 50% Below Year-Ago

Russia's seaborne oil product exports rose 16.4% month-on-month in August as refineries returned from maintenance, but remain 50% below August 2025 levels. Ukrainian drone strikes continue to hit refineries, and diesel export restrictions persist, skewing cargo mix toward naphtha and fuel oil. The rebound is partial and concentrated in the Baltic, indicating ongoing capacity constraints.