Diesel exports from Russia to Brazil break record – 03/27/2023 – Market

Shipments of diesel and gasoil from Russia to Brazil, Turkey and African countries hit new records in March as traders entered new markets following an EU ban on Russian petroleum products, according to traders and Refinitiv data.

A full EU embargo on Russian oil products took effect on February 5, redirecting Russian diesel fuel shipments to Africa, Asia, the Middle East and Ship-to-Ship (STS) shipments instead of Europe.

According to data from Refinitiv, shipments of diesel and gasoil from Russian ports in the Baltic and Black Sea to Turkey already exceeded 1.2 million tons in March, surpassing the 800 thousand tons registered in the previous month.

Russian Baltic ports shipped at least 300,000 tonnes of diesel to Brazil this month, up from 205,000 tonnes in all of February, the figures showed.

Russia has also increased fuel supplies to African countries, market sources add.

“Africa will apparently receive significant volumes (of Russian diesel),” a trader says.

According to March data from Refinitiv, around 200,000 tonnes of diesel from Russian-controlled ports were shipped to Libya, around 165,000 tonnes to Algeria and 100,000 tonnes to Tunisia. Other recipients included Nigeria, Ghana, Senegal and Morocco.

Around 200,000 tonnes of diesel from Russian ports are expected to arrive in Fujairah, in the United Arab Emirates, this month, the data showed.

Last month, Russia shipped at least 450,000 tonnes of diesel to Saudi Arabia, including some shipped via STS near the port of Kalamata — although none of these cargoes have been reported on this route so far in March.

Records of about 0.7 million tons of diesel loaded in March at Russian ports on the Black and Baltic Seas did not give a specific destination, according to Refinitiv data.