Despite European Union sanctions, Russian diesel exports are on track to hit a record high this month. It was thought the Russians would sell less because of the European ban on oil products from Russia.
However, the loss of Europe as the main buyer is more than compensated by higher purchases from Turkey, Morocco, Brazil and Tunisia, among others.
During the first 19 days of March, Russia exported about 1.5 million barrels of diesel fuel per day, according to data from Vortexa, a website that tracks where energy ships sail. If that trend continues, exports this month will reach their highest monthly level since 2016.
“Russian refinery production remains high so far, enabling robust diesel exports,” fuel expert Mikhail Turukalov told Bloomberg. “Russian producers seem quite confident that they can sell their fuels to foreign buyers. The discounts they offer are big enough, and there are new markets for the fuel,” he continues.