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Brazil Braces for Record Amount of Russian Diesel This Month – Bloomberg

Spike precedes Moscow’s vow to deepen oil export cuts in 2024. Record flow of Russian fuel to Brazil is a blow to US refiners (Kpler, Bloomberg)

Chunzi Xu, Bloomberg News

HOUSTON
EnergiesNet.com 12 22 2023

Brazil is bracing for a record amount of diesel and gasoil from Russia this month ahead of Moscow’s pledged supply cuts in the first quarter.

At 10 million barrels, Russian diesel imports into the South American nation will more than double volumes from the previous month, according to Kpler data compiled by Bloomberg. The jump precedes Russia’s plan to deepen export cuts of oil and fuel in the first quarter, along with other OPEC+ allies.

Record flows of Russian fuel — often at discounted prices to international benchmarks — also disadvantage refiners in the US. Fuelmakers in Texas and Louisiana relied on Brazil as a major outlet before this February, when European Union sanctions forced Moscow to seek alternative markets for its diesel.

bloomberg.com 12 21 2023

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