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Russian Diesel Forced into Floating Storage

OIL PRODUCTS
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Russian floating diesel – stationary for 7-day or more has risen to well over 4mn bbls according to Kpler figures as the impact of the EU Feb 5 ban takes hold.

  • It is the highest on their records going back to 2016.
  • Russia has been sending cargoes without a buyer which have ended up going into floating storage. If the volumes keep rising longer term, Russia will be forced to cut production.
  • Russia’s clean tanker fleet is already facing logistical difficulties because of longer journey times pressuring its fleet capacity – something floating storage will only exacerbate.
  • The diesel has been floating off Morocco, Greece, Turkey and Brazil.
  • Vortexa data showed Russian diesel imports into Brazil surging to a record high in Feb, displacing usual US barrels.


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Russian floating diesel – stationary for 7-day or more has risen to well over 4mn bbls according to Kpler figures as the impact of the EU Feb 5 ban takes hold.

  • It is the highest on their records going back to 2016.
  • Russia has been sending cargoes without a buyer which have ended up going into floating storage. If the volumes keep rising longer term, Russia will be forced to cut production.
  • Russia’s clean tanker fleet is already facing logistical difficulties because of longer journey times pressuring its fleet capacity – something floating storage will only exacerbate.
  • The diesel has been floating off Morocco, Greece, Turkey and Brazil.
  • Vortexa data showed Russian diesel imports into Brazil surging to a record high in Feb, displacing usual US barrels.


Keep reading...Show less