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Brazil’s Diesel Flows Shifting: Platts

OIL PRODUCTS

Brazil’s diesel imports have risen in recent months, with April volumes at 7.8m bbl, compared to 6.9m bbl in February, according to Platts Oil Market Podcast.

  • However, this is down from the recent peak of 10m bbl in January, due to falling imports from Russia.
  • In parts of 2023, around 90% of Brazil’s diesel was of Russian origin, down to around 62% now. 8% if from the USGC.
  • Russia cannot trade in USD, so Brazil has been doing deals in other currencies, Platts said. This has added complications for imports.
  • Brazil is also very highly stocked up on diesel, so they don’t need to keep importing.
  • This has caused some difficulty in unloading, with one cargo on the water for 87 days.
  • Brazil has also changed a biodiesel mandate. This has decreased demand because it now requires blending 12% to 14% of its diesel, reducing that volume required for imports.
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