![]() ![]() "Middle Eastern exports to Asia rose to 150,000 barrels a day in March, filling some of the void left by slower Chinese exports," Energy Aspects analysts said in a note. March-loading exports to Africa hit a four-month high of 2.57 million tonnes, up from a monthly average of about 1.3 million in 2022, Refinitiv data showed, while volumes to Asia were at a new high for March.Įxports to Europe from the Middle East hit a fresh high The Middle East's monthly diesel exports to northwest Europe averaged above 1 million tonnes for the first quarter of 2023, up from 785,000 tonnes a month in 2022's final quarter, data from Refinitiv showed. "The discounts would need to be large, given freight rates plus (high) risk premium, to ensure the costs are still less than the alternative marginal barrel," said Mark Williams, research director at Wood Mackenzie. That is below the price cap of $100 a barrel set by the G7 grouping, which allows traders access to Western ships and insurance services. March-loading Russian diesel cargoes traded at $60 to $70 per barrel on a free-on-board basis, equivalent to a discount of about $20 per barrel to the Middle East benchmark, two traders said. One of the cargoes went to Ras Tanura, while three were discharged at Jeddah, Refinitiv and Vortexa data showed. Top oil exporter Saudi Arabia imported 261,000 tonnes of Russian diesel in March and early April, the largest volume it has ever received from Russia. The European Union banned imports of Russian crude and oil products in December and February, respectively, forcing shipments to go elsewhere.Ĭurbs on access to Western insurance and ships have made it difficult to sell Russian oil, with traders opting to store the oil at hubs such as Fujairah before re-exporting it. The Middle East took up slightly over 10% of Russia's exports loading in February and March. At least 500,000 tonnes of the fuel have been discharged at Fujairah and Saudi Arabia in March, shiptracking data from Refinitiv, Kpler and Vortexa showed, compared with almost no Russian arrivals a year earlier.
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