Brazil Braces for Record Amount of Russian Diesel This Month

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.

Source: Bloomberg

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