Bloomberg: 4.4 million tons of Russian diesel remain at sea in search of buyers

pxhere.comDiesel fuel from Russia continues to seek buyers. This is evidenced by the maximum growth of tankers drifting on the high seas with it, writes Bloomberg with reference to Kpler analysts.

The ships are off the coasts of Europe, Africa and Latin America. In total, as of March 5, they included 4.4 million tons of this energy resource. In the month following the introduction of the European embargo and price cap, this value quadrupled.

Port shipments continue and there are still no buyers, said Wood Mackenzie analyst Mark Williams. According to him, after the depletion of storage resources, Russian refineries will have to reduce their production.

The company predicts that in the second quarter of 2023, diesel fuel exports from Russia will collapse to 750,000 “barrels” per day from 1.1 million in January. Kpler also believes the drift fuel will eventually sell out, although it won’t be easy to find customers. And if oil products continue to be loaded onto ships, difficulties will arise with the export of oil, for which a shadow fleet has been formed.