Bloomberg predicted a rise in Russian diesel exports to a record level

If RUSSIAwill maintain the pace of shipment of diesel fuel for EXPORT at the level of 1.5 million barrels. per day, as it was in the first weeks of March,

Russian diesel exports hit a record high since 2016 this month, despite European Union sanctions depriving the country of its largest market. This is reported by BLOOMBERG with reference to data from the analytical company Vortexa Ltd, which collects data on the shipment of diesel fuel from Russian ports.

According to this company, deliveries of diesel fuel from Russia for the first 19 days of March amounted to about 1.5 million barrels. per day. If the trend continues until the end of the month, diesel exports from Russia will become a record - in the chart with the volume of exports of Russian diesel fuel, which was published by the agency, it can be seen that this is already the highest figure in a month since at least January 2016.

The bulk of Russian diesel exports go to Turkey. Russia also sends fuel to Morocco, Brazil, Tunisia and Saudi Arabia.

Before the start of the military operation in Ukraine, Russia was the largest supplier of fuel to Europe. However, after the EU embargo on Russian oil and oil products and Moscow's retaliatory measures, which banned the supply of oil and oil products to individuals and organizations with a price limit in contracts, Russian energy exports fell sharply.

At the same time, Bloomberg points out that the plans for the loading of key Russian ports for April show a decrease in exports compared to March plans. Also, according to the agency, the amount of fuel in floating storage is growing, which may indicate a decrease in demand.

The EU embargo on Russian oil products - gasoline, diesel, kerosene, naphtha and fuel oil - came into force on February 5. Until that moment, the countries of the European Union accounted for more than 40% of Russian exports of petroleum products. Two months earlier, the EU also imposed an embargo on Russian oil and set a "price ceiling" for it at $60 per barrel.

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The EU countries also agreed to set a price ceiling for petroleum products at $100 per barrel for Russian diesel fuel and $45 per barrel for fuel oil. Moscow, in turn, announced that it would not supply oil and oil products to those countries that imposed restrictions. The ban on oil supplies has already been in effect since February 1, when the corresponding presidential decree came into force. The duration of the ban on the supply of Russian oil products to countries that have established an embargo should be separately set by the government. At the same time, the President of Russia, by a separate clause of this decree, reserved the right to make special decisions on the exclusion of a number of supplies from the decree.

In early March, the Energy Information Administration of the US Department of Energy (EIA) reported that the EU managed to replace most of the diesel supplied from Russia through imports from Saudi Arabia, India, CHINA and SOUTH KOREA. Imports of diesel fuel from Russia by sea decreased from 53% to 2% of all imports to Northwestern Europe, that is, by 96.2%.