MOSCOW (MRC) -- Turkey remains the top destination for Russian diesel exports after an embargo on shipments to Europe forced traders to divert supplies to Asia, Africa, the Middle East and ship-to-ship (STS) loadings, traders said and Refinitiv Eikon data showed, said Reuters.
Russia has sent about 0.8 million tons of diesel to Turkey since the start of April, having shipped almost 1.5 million tons in the previous month, Refinitiv data shows. About half of April volumes are still in transit with the port of discharge not yet confirmed.
Some of the diesel cargoes heading to Turkey could be for STS transfers to be transported elsewhere, traders said. About 180,000 tons of diesel from Russian ports is heading to Brazil after a record high of 440,000 tons in March.
Russian diesel is gaining market share from the United States, which traditionally accounts for most of Brazil's diesel imports. Brazil buys about 30% of its diesel abroad. Rapidly growing supplies of Russian diesel to Latin America include exports to Panama (160,000 tons for March-April), Uruguay (75,000 tons) and Cuba (33,000 tons), Refinitiv data shows.
About 500,000 tons of Russian diesel have headed to Africa since the start of April. The exports have been mainly to Ghana (110,000 tons) and Tunisia (100,000 tons), but also to Libya, Morocco and Nigeria among others. In March diesel loadings from Russian ports to Africa totaled more than 1.1 million tons, Reuters calculations based on Refinitiv data showed.
This month Russia has sent only about 60,000 tons of diesel to Saudi Arabia after almost 300,000 tons in March. All the shipping data above was by cargo departure. About 300,000 tons of diesel loaded in Russian ports this month does not yet have a confirmed destination.
Another 230,000 tons of Russian diesel is awaiting STS loading near Kalamata port and could be exported to various destinations, according to Refinitiv data.
We remind, Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, traders said and Refinitiv Eikon data showed. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough fuel to meet domestic demand for diesel cars. But a full EU embargo on Russian oil products since Feb. 5 has diverted Russian diesel exports to Asia, Africa, the Middle East and STS loadings.