Russia plans to reduce diesel exports in April to a five-month low

Russia plans to reduce daily diesel exports from key western ports to a five-month low as Ukrainian drone attacks on oil refineries and seasonal maintenance have sharply reduced oil refining rates.

Source: Bloomberg

Details: Industry data provided to Bloomberg indicates that diesel fuel loading from the country's three main ports on the Black and Baltic Seas, including some volumes from Belarus, is likely to fall to around 2.29 million tonnes this month.

Based on estimates by intelligence firm Kpler, this equates to just over 569,000 barrels per day, down 21% from the actual daily exports of around 724,000 barrels from the same ports in March.

Russia has cut marine diesel supplies after weekly oil refining rates fell to a 10-month low due to Ukrainian drone attacks. Seasonal maintenance, which will last until summer and temporarily reduce oil refining at some Russian refineries, is also weighing on the country's diesel flows. 

The April diesel export plan provided by Bloomberg shows only flows coming to three key inland ports by pipeline. It does not include smaller volumes sent to export terminals by rail and outside the Transneft pipeline system for oil products. Actual flows may vary depending on weather and demand from foreign customers.

Background:

• Exports of diesel fuel and gasoil from Russian ports on the week of 18-24 March fell by 25% to 703,000 tonnes.

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