Russia resumes seaborne exports of 1 million barrels of diesel per day

Seaborne exports of diesel fuel by Russian oil companies surged in the first two weeks of December, eventually returning to a volume of 1 million barrels per day (bbl/d).

Source: Kremlin-aligned Russian news agency Kommersant

Quote from the article: "This was made possible by the near-total lifting of the export embargo that was introduced in late September."

Details: Kpler, a platform for global trade intelligence, reported that Russia's seaborne diesel exports in the first two weeks of December returned to 1 million bbl/d, the highest level since August, thanks to the lifting of export restrictions.

The Russian authorities imposed an embargo on petrol and diesel exports on 21 September due to a significant rise in fuel prices. This led to a drop in tanker shipments of diesel fuel to 740,000 bbl/d in September.

However, two weeks later, the export ban on diesel fuel transported to ports by pipeline was lifted, as continuing with a full export ban was threatening refineries with overstocking and lower refining volumes.

Seaborne diesel fuel exports increased slightly in October to 768,000 bbl/d.

Russia lifted its embargo on petrol exports in the first half of November, and at the end of the month, it removed the embargo on summer diesel fuel exports.

Kpler data indicates that seaborne exports rose to an average of 800,000 bbl/d in November. The ban was lifted for winter diesel fuel, as demand for it in Russia increases during the cold season.

Türkiye, which as the largest buyer of Russian diesel fuel has been most affected by the embargo, is now returning to its previous level of imports. Brazil, the second largest importer of Russian diesel, has been increasing its imports from Russia over the last three consecutive months.

Learn more: Sanctions targeting Russian oil are falling apart. What will the West do?

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