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| Russian diesel exports to the Middle East hit a record high in March 2023. (Source: The Wall Street Journal) |
Reuters reported that Russian diesel exports to the Middle East reached a record level in March 2023. Meanwhile, oil exports from the Middle East to Europe were also very high, raising questions about the "sanctions-evading" route of Russian oil to Europe.
Specifically, shipping tracking data from Refinitiv, Kpler and Vortexa shows that at least 500,000 tons of Russian fuel were exported to Fujairah and Saudi Arabia in March 2023. In the previous year, no such Russian goods were exported to this market.
While Moscow has limited access to Western ship chartering and insurance, Russian traders have opted to store oil in third countries such as Fujairah, Saudi Arabia before reaching their final destination.
Top oil exporter Saudi Arabia imported 261,000 tonnes of Russian diesel in March and early April, the largest volume the country has ever received from Russia.
Russian diesel cargoes for March delivery were trading at $60 to $70 a barrel on a free-shipping basis, representing a discount of about $20 a barrel to Middle Eastern benchmarks, two traders told Reuters.
Data from shipping tracker Refinitiv also shows that monthly Middle Eastern diesel exports to northwest Europe will average over 1 million tonnes in the first quarter of 2023.
In the last quarter of 2022, export volume is 785,000 tons per month.
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