Russia’s sea-borne diesel and gasoil exports increased by 11% to approximately 1.9 million tonnes during the first 17 days of July, compared to the same period in June. This surge in production follows seasonal refinery maintenance, as reported by traders and Refinitiv Eikon data.
According to the data and Reuters calculations, Russia’s offline primary oil refining capacity is expected to decline significantly this month to 2.326 million tonnes from June’s 3.966 million tonnes.
Turkey and Brazil continue to be the top destinations for diesel exports from Russian ports in July, accounting for roughly half of the total supplies. Refinitiv shipping data reveals that Turkey imported 631,000 tonnes, while Brazil imported 300,000 tonnes.
Senegal and Morocco lead Russian diesel imports to Africa this month, with 75,000 tonnes and 66,000 tonnes, respectively. Conversely, Togo and Ghana experienced a decline in supplies, receiving only 37,000 tonnes and 30,000 tonnes.
During July, diesel and gasoil loadings from Russian ports to the United Arab Emirates (UAE) trading hub, Fujairah, amounted to approximately 150,000 tonnes. This figure aligns with the loadings observed during the same period in June, based on Refinitiv data and Reuters calculations.
Shipping data reveals no Russian diesel cargoes heading to Saudi Arabia this month, compared to only one shipment in June.
Around 250,000 tonnes of Russian diesel have been loaded since the beginning of July for ship-to-ship (STS) loadings near the Greek port of Kalamata and for STS near Malta. The final destinations for these volumes are still unknown; however, these cargoes typically end up in Turkey and Middle Eastern countries.
Additionally, there are 250,000 tonnes of diesel loaded in Russian ports since the start of July that do not have a confirmed destination at this point.
Please note that all the shipping data mentioned above is based on the date of cargo departure.
Source: Reuters