Russian diesel returns after export ban
Shipping data indicates that Russian diesel shipments have begun returning to global markets, especially to Turkey and Brazil, following Moscow's lifting of the export ban that had been in place since the summer. This move is expected to increase supply in the markets. Russia, the world's second-largest exporter of diesel after the United States, had reduced its exports prior to the ban, due to widespread attacks on its refineries by Ukraine. Tracking data shows two tankers heading toward Turkey and Brazil, which together account for up to 34% and 24% of total shipments since the beginning of the year, respectively. This comes amid Russian-American understandings that suggest a partial resumption of diesel exports, with plans to inject millions of tons into the markets in batches.
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