Russia started exporting diesel to Saudi Arabia—its ally in the OPEC+ group—in February, after Moscow’s key fuel export outlet, the EU, enacted an embargo on seaborne imports of Russian oil products on February 5, Reuters reported on Tuesday, quoting traders and ship-tracking data. Now, according to Refnitiv data cited by Reuters, at least three cargoes carrying 190,000 tons of diesel loaded in the Russian Baltic port of Primorsk in February and were headed to deliver the fuel to Saudi Arabia. According to traders who spoke to Reuters, the Saudis could export part of the Russian diesel to other countries after some refining. Just before the fuel embargo, Europe was buying more diesel from the United States and Saudi Arabia, yet Europe still remained the biggest buyer of Russian diesel in January. Russia has said it would reduce its oil production by 500,000 bpd this month in response to the Western sanctions, a move that may affect the level of its oil and fuel exports.

Source: The North Africa Journal March 07, 2023 21:07 UTC