MOSCOW (MRC) -- Tunisia imported record volumes of Russian gasoil and diesel last month as an EU embargo forced Moscow to find new customers for its oil products, according to traders and tracking data, said Hydrocarbonprocesing.
Tunisia imported nearly 77,000 bpd of Russian gasoil and diesel in February, compared with 20,000 bpd in January and 25,000 bpd in December last year, data from analytics firm Kpler showed. Most of the February volumes were delivered by Russia's Lukoil and Dubai-based trader Coral Energy, the Kpler data showed. In January, Coral delivered all of Tunisia's Russian imports, the data showed.
Russia used to be the main diesel supplier for Europe, accounting for roughly 60% of the continent's needs. A full EU embargo on Russian oil products, which went into effect on Feb. 5, disrupted this trade massively, forcing Moscow to find new clients for its distillates and other oil products.
According to Refinitiv tracking data, Russian and Baltic diesel flows to Europe fell to a record low of 1.77 MMt in February. Almost half of these volumes were heading to Turkey while the rest are mostly bound to locations where ship-to-ship transfers take place.
Russia has also been diverting low-sulfur diesel volumes from its Baltic ports to Morocco, Algeria, Ghana, and Brazil.
At the same time, Europe countries have been replacing Russian diesel supplies with increased imports from India, Saudi Arabia, China, Kuwait, Malaysia, among other locations.
We remind, Russia's revenues from oil and gas exports dropped by nearly 40% in January as price caps and Western sanctions squeezed the proceeds from Moscow's most lucrative export. Russia's oil and gas export revenues were USD18.5 billion in January, 38% lower than the USD30 billion Moscow received in January 2022, a month before its invasion of Ukraine, according to IEA numbers shared with Reuters. IEA Executive Director Fatih Birol said Western measures targeting Russian energy exports had achieved their aims of stabilizing oil markets and reducing Moscow's revenues from oil and gas exports.