Ships holding at least 3.2 million barrels of diesel-type fuel from Russian ports are idling in waters off the world’s fifth largest country.
It’s not clear why the cargoes are getting held up. However, the glut is the latest sign of snarls in the delivery of petroleum from Russia at a time when US and UK sanctions are tightening.
Diesel cargoes are also being held in tankers in the Mediterranean and Gulf of Guinea, while crude is backing up outside Indian ports.
While the glut is notable — 3.2 million barrels would meet about two weeks of the Latin American country’s imports — there doesn’t appear to be a complete halt in the discharge of cargoes from Russia in Brazil. Of the vessels off the nation’s coast, at least two are Sovcomflot PJSC tankers.
There are also at least 3.3 million barrels of diesel currently being transported toward Brazil, much of it across the Atlantic. It seems unlikely traders would continue sending the cargoes if they weren’t able to unload.
Other vessels are signaling Brazil, but their movements suggest they may not be heading to the country anytime soon. The nation has also imported diesel-type fuel from the UAE and Kuwait this month.
