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27 Apr, 2023 13:26

Russian fuel exports surge despite sanctions – Bloomberg

Shipments of diesel and gasoline are well above seasonal norms, data shows
Russian fuel exports surge despite sanctions – Bloomberg

Russia is on course to record its highest seasonal export rate of petroleum products in seven years despite Western oil sanctions that took effect in February, Bloomberg reported on Wednesday, citing tanker tracking data from Vortexa.

According to the report, shipments of clean petroleum products, including diesel-type fuel, amounted to 1.9 million barrels a day during the first three weeks of April. If that rate continues for the remainder of the month, it will be the highest for this time of the year since at least 2016, calculations show.

The new data follows multi-year highs reached in March, when shipments were at their highest since the start of 2016.

Russian diesel-type fuel exports were targeted by an EU embargo on seaborne petroleum products that came into force in early February, along with a G7 price cap on the same products. In response, Moscow announced it will cut output by 500,000 barrels a day between March and December.

Despite the sanctions, data shows that Russia has successfully redirected fuel shipments. Most of the country’s petroleum products in April have been shipped to Türkiye as well as North African countries, including Morocco, Tunisia, and Libya.

Russia has also boosted exports to South American countries, most notably Brazil. According to a recent report by Reuters, Russia’s share of Brazilian diesel fuel imports is set to reach 53% in April, compared to just 0.2% a year ago.

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