Decline in Russian marine diesel shipments observed in July, as per data
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Russia's seaborne diesel and gasoil exports decreased by about 5% in July compared to June, amounting to approximately 3.26 million metric tons. This decline was primarily due to lower refinery production caused by maintenance activities and a stronger domestic demand for fuel.
The main destinations for these exports in July were:
- Turkey, which received approximately 1.25 million tonnes, a 14% decrease from June.
- Brazil, which saw a sharper decline with exports falling 29% to about 0.37 million tonnes.
- Various African countries such as Morocco, Senegal, Ghana, and Libya, where Russian diesel and gasoil exports decreased by about 25%, totaling roughly 0.69 million tonnes.
Moreover, over 400,000 tonnes of diesel were sent to Cyprus for ship-to-ship transfers with unclear final destinations, possibly to circumvent sanctions. An additional 110,000 tonnes were marked "for orders," indicating uncertain delivery points.
It is worth noting that the discharge points for the vessels loaded in May with 110,000 tons of diesel from Russian ports are either not yet known or not declared. The shipping data did not show any information about the destination of the diesel shipments from Russian ports in the earlier facts. However, the information about the vessels loaded in May was not mentioned in the earlier facts.
The decrease in diesel loadings via the Russian Baltic port of Primorsk was significant, down 11.3% on a daily basis from June. Gasoil loadings via Primorsk also decreased, totaling 1.26 million tons.
The resumption of Ukrainian drone attacks on Russian refineries contributed to the production constraints, further affecting the exports.
In summary, the decline in exports was due to refinery maintenance and increased domestic use, with Turkey and Brazil remaining the top importers despite reduced volumes, and African countries also showing a significant decrease in imports. Some exports were routed through third parties, likely reflecting attempts to navigate sanctions.
[1] LSEG shipping data and market sources were used to determine the decrease in Russia's seaborne diesel and gasoil exports in July.
[2] [Reference 2] - This information is not provided in the given bullet points.
- The decline in Russia's diesel and gasoil exports to the finance sector may have been influenced by the reduced exports to key markets like Turkey and Brazil, as well as the diversion of some exports through third parties, potentially due to attempts to navigate sanctions.
- Given the decreasing trend in Russia's energy exports, particularly in the industry sector, further investigation might be necessary to understand the impact on the global finance market, considering the potential consequences of disrupted investments in this sector.
