Where is Russian diesel going under EU sanctions? In South America…
The European Union's embargo on Russian petroleum products, which came into effect on February 5, has led to the diversion of Russian diesel not only to Asia, Africa and the Middle East, but also increasingly to Latin America .
For the month of March, Russia exported more than 580,000 tons of diesel to South America and Latin America, Reuters reported, citing data from Refinitiv Eikon , with 440,000 tons destined for the Brazilian market.
That compares with a total of 663,000 tons from January through March, up from 74,000 tons for the full year last year, Reuters noted.
Turkey has also hoarded Russian diesel that would normally have been destined for Europe: according to Bloomberg, flows to Turkey have reached a seven-year high.
In the Middle East, Saudi Arabia is also importing higher volumes of Russian diesel, but at the same time it is sending large volumes of diesel to Europe.
In March, traders stocked up on Russian diesel, using the low-price advantage to boost inventories in the UAE and Saudi Arabia, which in turn boosted exports to Europe and Africa.
Some 500,000 tonnes of Russian diesel were dumped in the UAE and Saudi Arabia in mid-March, up from next to nothing a year ago, Reuters reported, citing data from Refinitiv, Kpler and Vortexa.
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The article Where is Russian diesel going under EU sanctions? In South America… it comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/dove-va-il-gasolio-russo-sotto-sanzioni-in-eu-in-sud-america/ on Tue, 11 Apr 2023 08:00:29 +0000.