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Russian Seaborne Diesel, Gasoil Exports Fell 21% MoM In May

OIL PRODUCTS

Russia’s seaborne diesel and gasoil exports fell by 21% on the month in May to 3.1mn tonnes because of seasonal refinery maintenance and higher domestic demand, Refintiv data showed.

  • •Idle primary oil refining capacity for May has been revised up by 500,000 tonnes from the previous plan to 5.0mn tonnes as several refineries extended maintenance.
  • •Russian diesel exports to Turkey fell to 0.9mn tonnes in May, down from 1.2mn tonnes a month earlier. One trader said some Russian diesel would be involved in ship-to-ship transfer near the Turkish port of Mersin.
  • •Around 0.43mn tonnes of diesel that loaded from the Baltic ports was heading to Brazil.
  • •Turkey and Brazil have been the main destinations for diesel exported from Russian ports this year. From January-to-May, Turkey received 5.2mn tonnes and Brazil 1.6mn tonnes, compared with respectively 5mn tonnes and 74,000 tonnes for the whole 2022.
  • •Russian diesel exports to African countries totalled around 0.5mn tonnes in May, down from 0.9mn tonnes in April.
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