Editor TLN
Russia has started exporting diesel to Chile, thus expanding its supplies of petroleum products to Latin America after the European Union embargo will force traders to seek new exits, according to market sources and Refinitiv Eikon data.
According to Refinitiv data, in April two shipments with some 73,000 tons of diesel were embarked in the Russian port of Primorsk, in the Baltic, bound for the Chilean port of Guayacán.
Since the EU embargo on imports of Russian-origin oil products went into effect in February, Moscow has diverted its maritime supplies of diesel to Asia, Africa, the Middle East and, increasingly, Latin America.
In January-April, Russia exported to Latin American and South American countries about 1.5 million tons of diesel, mainly to Brazil, bought with the 211,000 tons of all of 2022, according to Refinitiv data.
Russian diesel is gaining market share from the United States, which traditionally accounts for the bulk of Brazil’s diesel imports. Brazil buys about 30% of its diesel abroad.
The Group of Seven wealthiest countries, the EU and Australia set price ceilings of $100 per barrel for Russian oil products that trade at a premium to crude oil, especially diesel, and $45 per barrel for products that are quoted at a discount, like fuel oil and naphtha.
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