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. Last Updated: 07/27/2016

August Oil Exports Down by 10%

LONDON -- Exports of oil products fell by 10 percent in August, compared with July, as bad weather and shipping accidents interrupted loadings from Baltic and Black Sea ports, an industry expert said Wednesday.

A total of 1.54 million tons of oil products were exported in August, down from 1.72 million tons in the previous month, according to figures compiled by Conrad Gerber of Geneva-based consultancy Petrologistics.

But this was slightly up on the 1.46 million tons shipped out in August last year.

River oil shipments to the port of St. Petersburg, important for gas oil and fuel oil exports, were halted for several days in mid-August as a sunken cargo ship blocked the route.

That was preceded by a weeklong delay in exports of oil products from Novorossiisk as flooding in southern Russia curtailed rail shipments to the Black Sea port.

According to Petrologistics, seaborne exports of fuel oil fell most heavily last month to 700,000 barrels per day, 130,000 bpd down from July, although the August 2002 total was unchanged from the same month last year.