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Brazil’s Monthly imports of Russian Diesel to Almost Double in Dec

OIL PRODUCTS

Russian diesel imports into Brazil are expected to increase almost two-fold in December, according to Bloomberg, citing Vortexa data.

  • Forecasted arrivals of Russian diesel volumes into Brazil for December stand at 985k mt, compared to 500k mt in November. This would be the highest monthly intake since Vortexa data began monitoring in 2016.
  • Most of the volumes were loaded in the Baltic Sea port of Primorsk.
  • Brazil has been able to capitalise on cheaper Russian diesel prices, as Russia looks for new markets due to the ban on seaborne imports into Europe. Brazil’s government said in October that it would continue importing from the cheapest source, including Russia, to tame domestic prices.
  • November has seen a sharp drop in Brazil’s imports from the USA, amid surging USGC-Brazil freight costs. Imports in November are down 85% on the month to just 71k mt, Vortexa data shows.
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