Russian Diesel in Floating Storage Hits Highest Level Since 2017

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Russian Diesel in Floating Storage Hits Highest Level Since 2017
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The volumes of Russian diesel in floating storage at sea have jumped this month to the highest levels since at least 2017, according to data from analytics firm Kpler

compiled by Bloomberg. In the 10 days to March 17, as many as 6.2 million barrels of Russian diesel had been stored on tankers at sea, per Kpler data. This is the highest level of diesel in floating storage in years and exceeds the levels from early 2023, when the EU banned seaborne imports of diesel and other fuels from Russia. This month’s glut is also much higher than in the spring and summer of 2020, when the pandemic hit global fuel demand, according to Bloomberg’s estimates.

imposed new sanctions against Russia, on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician and anticorruption activist Alexey Navalny. Among the 500 targets of the new sanctions, the U.S. Treasury and State are targeting Russia’s tanker operator Sovcomflot and more than a dozen crude oil tankers linked to the Russian state-owned firm, as well as middlemen and companies acting as such.

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