Russia's Seaborne Diesel Exports Rise in June as Maintenance Eases

Russia's seaborne diesel and gasoil exports in June rose by 13% from a month earlier to about 3.6 million tonnes as seasonal refineries maintenance eased, data from traders and Refinitiv Eikon showed. 

Idle primary oil refining capacity for June was estimated at 4.029 million tonnes, down from May, and may fall to 1.683 million tonnes in July, Refinitiv data and Reuters calculations showed. 

In August, Russia will also cut its oil exports by 500,000 barrels per day (bpd), potentially yielding more supply for domestic refining and fuel production. 

Since 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, which about 1.47 million tonnes shipped in June and almost 6.6 million tonnes in 2023 to date, Refinitiv data shows.

Last month, nearly 350,000 tonnes of the diesel that loaded in Russian Baltic ports was heading to Brazil, according to shipping data. Russian diesel exports to African countries totalled about 750,000 million tonnes in June, mainly to Morocco, Ghana, and Togo. 

Another 250,000 tonnes of diesel from Russia in June was destined for ship-to-ship transfers near the Greek port of Kalamata, Refinitiv data shows. 

The final destinations for these cargoes are not yet known. 

Most of those cargoes end up in Turkey and Middle Eastern countries, according to market sources. The United Arab Emirates was among the top destinations for diesel exports from Russian ports in June with about 150,000 tonnes after nearly 270,000 tonnes in May, data showed. All the shipping data above are based on the date of cargo departure. About 200,000 tonnes of diesel loaded in Russian ports in June does not yet have a confirmed destination. 

(Reuters - Reporting by Reuters, editing by Jason Neely)