Russia's Seaborne Diesel Exports on the Rise

Russia's seaborne diesel and gasoil exports in August rose by 2% from a month earlier to about 3.85 million metric tons on healthy fuel production, data from traders and LSEG showed.

Idle primary oil refining capacity for August was estimated at 3.1 million metric tons versus 2.458 million metric tons in July, Refinitiv Eikon data and Reuters calculations showed.

After the full EU embargo on Russian oil products took effect on Feb. 5, Turkey remains the main destination for Russian diesel and gasoil seaborne exports, reaching about 1.56 million metric tons in August, or about 40% of total month supplies, LSEG data shows.

Diesel loadings to Brazil from Russian ports, mainly from the Baltic port of Primorsk, could decline in August to nearly 550,000 metric tons after 650,000 metric tons in July, according to the shipping data.

Last month, about 880,000 metric tons of Russian diesel were heading to African countries, mainly to Togo, Tunisia, Ghana, Morocco and Libya.

Another 360,000 metric tons of diesel from Russia in August was destined for ship-to-ship transfers near the Greek port of Kalamata and Malta, LSEG data shows.

The final destinations for these cargoes are not yet known, and traders said they expected them to be in Turkey or the Middle East countries.

All the shipping data above are based on the date of cargo departure. About 220,000 metric tons of diesel loaded in Russian ports in August does not yet have a confirmed destination.

(Reuters - Reporting by Reuters, Editing by Louise Heavens)