Russia's seaborne diesel exports drop 21% in February m/m
Russia's seaborne diesel and gasoil exports fell 21% in February from the previous month to around 2.85 million metric tons as harsh weather conditions at key ports and unplanned refinery maintenance disrupted fuel loadings, data from market sources and LSEG showed.
Ultra-low-sulfur diesel shipments from the Baltic port of Primorsk, Russia’s biggest outlet for diesel exports, fell last month to 1.563 million tons from a record 2.256 million tons in January, as severe frosts and ice in the Baltic Sea triggered ice-class tanker shortage, the sources said.
Since mid-February, non-ice-class tankers have been barred from entering Primorsk, Ust‑Luga, Vysotsk and St. Petersburg, while Ice 1 and Ice 2 vessels have been allowed with icebreaker escort.
Diesel loadings from the southern port of Novorossiysk fell in February 21% to 0.66 million tons after Lukoil-owned Lukoil Volgograd refinery suspended oil processing following a drone attack, traders added.
Turkey and Brazil remained the biggest buyers of Russian diesel and gasoil last month, though tankers carrying around 0.45 million tons of fuel in total have yet to declare their discharge ports, LSEG data showed.
Another group of vessels carrying about 0.3 million tons of Russian diesel is heading towards anchorages near Port Said in Egypt and Limassol in Cyprus.
Ship-to-ship transfers (STS) increased from January as Western sanctions tightened and tanker availability declined, market sources said.
Traders expect diesel and gasoil exports to rise in March as oil products stored at ports and refinery tanks enter the market amid improving ice conditions and stronger global demand driven by the Middle East conflict.
They also expect diesel output to increase as unplanned maintenance wraps up at several refineries, including Lukoil-owned Volgograd refinery and Rosneft-owned Tuapse oil refinery, which halted oil processing after a drone attack on December 31.
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