Turkey still the leading destination for Russian diesel after EU embargo: report

Citing data from Refinitiv and comments from traders Reuters has reported that Turkey has remained the top destination for Russian diesel ever since the EU and G7 imposed a price cap on refined oil products on February 5th.

The 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. Russia has sent about 800,000 tonnes of diesel to Turkey since the start of April, having shipped almost 1.5m tonnes in March, said Reuters, citing Refinitiv data. About half of April volumes were still in transit, with the port of discharge not yet confirmed, while traders said that some of the diesel cargoes heading to Turkey could be for STS transfers with an ultimate destination elsewhere.

About 180,000 tonnes of diesel from Russian ports was heading to Brazil, after a record high of 440,000 tonnes in March. Russian diesel has been gaining market share in Brazil from the US. Brazil buys about 30% of its diesel abroad.

There has also been a rapid growth in supplies of Russian diesel to Latin America. These include exports to Panama (160,000 tonnes for March-April), Uruguay (75,000 tonnes) and Cuba (33,000 tonnes), according to the Refinitiv data.

About 500,000 tonnes of Russian diesel headed for Africa this month, mainly to Ghana (110,000 tonnes) and Tunisia (100,000 tonnes), but also to Libya, Morocco and Nigeria and others. Last month diesel loadings from Russian ports to Africa totalled more than 1.1m tonnes, Reuters calculations based on Refinitiv data showed.

This month Russia has sent only about 60,000 tonnes of diesel to Saudi Arabia. That compares with 300,000 tonnes in March.

All the shipping data above was by cargo departure. Some 300,000 tonnes of diesel loaded in Russian ports this month does not yet have a confirmed destination.

A further 230,000 tonnes of Russian diesel was awaiting STS loading near Kalamata port, Greece, and could be exported to various destinations, according to Refinitiv data.